Untoward employee whistleblower claims under Sarbanes‐Oxley

Few new laws in recent years have inspired as much attention as the Sarbanes‐Oxley Act of 2002 (Act). The procedural and substantive requirements of the Act have, and will continue to have, far reaching impact on and implications for all issuers of securities and their officers, directors, and other controlling persons. However, for employers who are participants in the financial services industry (such as broker‐dealers, investment advisors, fund advisors and managers, and others), the Act raises an unintended and untoward consequence, which appears to have passed under the radar screens of most commentators.