SEC Commissioners Peirce and Uyeda Criticize Agency Decision to Join Amicus Brief on Whistleblower Protections

SEC Commissioners Hester M. Peirce and Mark T. Uyeda criticized the SEC’s decision to join the Solicitor General's amicus brief in support of the petitioner in a case before the U.S. Supreme Court regarding whistleblower protections from employer retaliation.

In a joint statement, Ms. Peirce and Mr. Uyeda said that Murray v. UBS Securities, LLC presents "difficult legal question[s]" concerning "retaliatory intent." The Commissioners argued that the decision to join in such a brief requires "significant research, analysis, and understanding" and that, according to the SEC Canon of Ethics, a Commissioner must avoid "the suspicion of arbitrary conclusion, [and promote] confidence in his intellectual integrity."

The Commissioners criticized the process used in deciding to join in the brief, saying the SEC "did not facilitate full and careful consideration of the recommendation." Further, noting that the Commissioners are currently deliberating two complex rulemakings (on money market fund reforms and on the broker dealer customer protection rule), Ms. Peirce and Mr. Uyeda argued that the SEC "can engage in only so many robust deliberative processes at one time."