Obligations and prohibited acts

Under 1980.102(a), covered persons may not discharge, demote, suspend, threaten, harass, or otherwise retaliate against an employee for protected activities. See 1980.102(a).

• Examples listed in the rule include intimidating, threatening, restraining, coercing, blacklisting, or disciplining an employee when the employee has engaged in protected activity. See the full list in 1980.102(a).

Under 1980.102(b), an employee is protected against retaliation by a covered person for any lawful act the employee takes to provide information or assist in specified investigations or proceedings. See 1980.102(b).

• The protection covers lawful acts that relate to reporting or assisting with alleged violations of specified criminal statutes, SEC rules, or federal laws involving fraud against shareholders. See 1980.102(b).

Under 1980.102(b)(1), protection covers providing information, causing information to be provided, or otherwise assisting in an investigation about conduct the employee reasonably believes is fraud-related. See 1980.102(b)(1).

• The rule applies when the information or assistance is provided to a Federal regulatory or law enforcement agency, to Congress or a congressional committee, or to a person with supervisory authority or other internal authority who can investigate or take action. See 1980.102(b)(1)(i)-(iii).

Under 1980.102(b)(1)(i), yes—employees are protected when they provide information or assist investigations conducted by a Federal regulatory or law enforcement agency. See 1980.102(b)(1)(i).

• Protection applies even if the agency investigation is external to the employer, so long as the reported conduct reasonably appears to involve the covered violations. See 1980.102(b)(1).

Under 1980.102(b)(1)(ii), yes—employees are protected when they provide information or assist an investigation by any Member of Congress or any committee of Congress. See 1980.102(b)(1)(ii).

• This protection covers both direct communications to congressional representatives and assistance in congressional inquiries about suspected fraud against shareholders. See 1980.102(b)(1).

Under 1980.102(b)(1)(iii), yes—employees are protected when they provide information to a supervisor or another person within the employer's organization who has authority to investigate, discover, or terminate misconduct. See 1980.102(b)(1)(iii).

• That means internal reporting to personnel with investigative or corrective authority is covered if the employee reasonably believes the conduct involves the listed violations. See 1980.102(b)(1).

Under 1980.102(b)(2), yes—employees are protected when they file, cause to be filed, testify, participate in, or assist in a proceeding filed or about to be filed that relates to the covered violations, provided the employer has knowledge. See 1980.102(b)(2).

• The rule covers both proceedings that already are filed and those about to be filed, but the protection applies where the proceeding is known to the employer (see the parenthetical in 1980.102(b)(2)).

Under 1980.102(b), the rule protects reporting or assistance related to violations of 18 U.S.C. 1341, 1343, 1344, or 1348, any Securities and Exchange Commission rule or regulation, or any Federal law relating to fraud against shareholders. See 1980.102(b).

• Those criminal statutes generally cover mail fraud, wire fraud, bank fraud, and securities fraud; the provision also covers SEC rules and other federal laws tied to shareholder fraud. See 1980.102(b).

Under 1980.102(b)(1), yes—the employee must reasonably believe that the conduct constitutes a covered violation for the protections to apply. See 1980.102(b)(1).

• "Reasonably believes" means the employee's belief must be objectively plausible, not necessarily proven true; the statute protects good-faith reports based on reasonable grounds. See 1980.102(b)(1).

Under 1980.102(a), yes—an employee is protected against retaliation when the activity was done by the employee or by any person acting pursuant to the employee's request. See 1980.102(a).

• This means an employee can ask a third party to provide information or assist an investigation and still be covered if retaliation occurs. See 1980.102(a).

Under 1980.102(a), yes—the rule forbids retaliation with respect to the employee's compensation, terms, conditions, or privileges of employment. See 1980.102(a).

• That means adverse changes to pay, benefits, hours, job duties, or workplace privileges taken because of protected activity can violate the regulation. See 1980.102(a).

Under 1980.102(a), yes—the rule's broad phrase "in any other manner retaliate" includes informal harassment, intimidation, and other non‑formal adverse conduct. See 1980.102(a).

• The regulation explicitly lists examples (intimidating, threatening, restraining, coercing, blacklisting, disciplining) to show that both formal and informal retaliatory acts are covered. See 1980.102(a).

Under 1980.102(b)(1), "causing information to be provided" is explicitly protected and covers actions where the employee arranges or prompts others to provide information, not just personally providing it. See 1980.102(b)(1).

• This language protects employees who facilitate reporting—such as directing evidence to an agency or coordinating testimony—so long as the underlying belief is reasonable. See 1980.102(b)(1).

Under 1980.102(b)(2), yes—protection extends to assisting in a proceeding that is about to be filed, provided the proceeding relates to a covered violation and is filed or about to be filed with any knowledge of the employer. See 1980.102(b)(2).

• The rule protects preparatory actions (like gathering evidence or coordinating testimony) associated with proceedings filed or about to be filed when the employer knows about them. See 1980.102(b)(2).

Under 1980.102(b), yes—the rule protects employees who provide information or assist investigations involving any Securities and Exchange Commission rule or regulation. See 1980.102(b).

• That protection applies whether the assistance is given to an external agency, Congress, or internal supervisory personnel with authority to address the alleged misconduct. See 1980.102(b)(1)(i)-(iii).

Under 1980.102(b)(1)(iii), internal persons who qualify include a supervisor or any other person working for the employer who has authority to investigate, discover, or terminate misconduct. See 1980.102(b)(1)(iii).

• That can include supervisors, internal audit or compliance personnel, HR investigators, or others explicitly empowered by the employer to handle misconduct investigations. See 1980.102(b)(1).

Under 1980.102(a)–(b), no—if an employee asks another person to report or provide information about suspected covered violations, the employee remains protected against retaliation. See 1980.102(a) and 1980.102(b)(1).

• The rule explicitly protects actions taken by persons acting pursuant to an employee's request, so coordination or delegation of reporting does not forfeit protection. See 1980.102(a).

Under 1980.102(b), protection is based on a reasonable belief that the conduct constitutes a covered violation, not on whether the information ultimately proves accurate. See 1980.102(b)(1).

• In other words, good-faith reports grounded in a reasonable belief are protected even if investigations later do not substantiate the allegation. See 1980.102(b)(1).

Under 1980.102, an employer should avoid any adverse action—such as firing, demotion, suspension, threats, harassment, or other conduct that changes compensation, terms, conditions, or privileges of employment—taken because the employee engaged in protected activity. See 1980.102(a).

• Employers should also avoid informal retaliatory tactics (intimidation, coercion, blacklisting) and ensure that internal investigators or supervisors do not retaliate against employees who report or assist with investigations. See 1980.102(a) and 1980.102(b)(1)(iii).