Document the concern as a dated, evidence-linked account, then send it to the regulator with authority over the suspected conduct. The U.S. Securities and Exchange Commission’s process below applies to possible federal securities-law violations—not every problem with a company’s board or internal controls. The UK Competition and Markets Authority example is for competition and consumer-protection concerns, not a route to the Financial Conduct Authority.
How do I document suspected governance failures?
Build a chronology before writing a conclusion. For each event, record the date or best-known date range, location or setting, people or organizations involved, what was said or done, and how you learned about it. The SEC asks for a detailed description of the events, who was involved, and how, why, and when the conduct occurred, along with relevant supporting documentation. SEC guidance on submitting a tip
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- Set out the events. Use dates and specific actions where you can. If a date or detail is uncertain, say so rather than filling the gap with a guess.
- Identify the people and organizations. Include names, roles, and relevant relationships when known, and distinguish confirmed identity from an assumption.
- Separate observation from inference. State what you personally saw or heard, what records show, and what you infer from those facts. Do not present a suspicion as a proven finding.
- Explain the possible governance issue. Describe the conduct and its potential connection to a regulatory concern without claiming to decide legal liability.
- Link each material claim to its support. Identify the record that backs it up, or say clearly when a detail comes from memory or another person.
What evidence should I include?
Provide relevant records that help establish what happened and when. The SEC asks for relevant documentation; the CMA’s guidance gives emails, screenshots, and documents as examples. Those examples are not an exhaustive list of evidence types. CMA guidance on whistleblowing
- Make an inventory of records and note which event or claim each one supports.
- Describe the record accurately, including its date and source where known.
- Keep the account factual and complete to the best of your knowledge. The SEC says, “We can best address your submission if we receive accurate, truthful, and complete information.” SEC filing guidance and FAQs
Which financial regulator should receive the report?
Check the regulator’s remit before filing. A weakness in board oversight, a poor decision, or an internal-control problem is not automatically a securities-law violation. The SEC’s TCR process is for information about possible violations of U.S. federal securities laws. The SEC lists examples including fraud, Ponzi schemes, insider trading, market manipulation, false or misleading company statements, failure to file required SEC reports, and theft or misappropriation. SEC examples of reportable securities wrongdoing
Describe the suspected conduct and why you believe it may fall within the authority’s remit; let the regulator assess the legal significance. If the concern is outside the SEC’s securities-law remit, identify the authority responsible for that type of conduct in the relevant country. The CMA’s whistleblowing route concerns competition and consumer protection; it should not be treated as an FCA reporting route. This guide does not establish current reporting instructions for the FCA or other non-U.S. financial regulators.
How do I report possible U.S. securities-law violations to the SEC?
The SEC recommends its online Tips, Complaints and Referrals (TCR) portal. It also accepts Form TCR by mail or fax using the current details on its submission page. SEC whistleblower FAQs
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| Option | What to expect and retain |
|---|---|
| Online TCR portal | The SEC says online filers receive a notice confirming successful receipt and a submission number. Save both with a copy of the submitted materials. |
| Form TCR by mail or fax | Use the current submission details on the SEC’s page. Keep a copy of the form and documents, plus mailing or fax proof. |
- Prepare the factual chronology and supporting-record inventory.
- Submit through the SEC’s online portal, or use Form TCR by mail or fax as described on the SEC submission page.
- Save the completed submission and proof of transmission. For an online filing, retain the confirmation notice and TCR number.
- If you send additional information later, refer to the original TCR number. The SEC FAQ advises sending a submission through one method.
Can I report anonymously or report internally first?
The SEC describes TCR information as confidential and nonpublic except in limited circumstances authorized by law. Whistleblower-program participation can provide additional confidentiality protections, but disclosure may be required in some circumstances. Do not assume your identity can never be disclosed. SEC confidentiality and filing FAQs
If you seek an SEC whistleblower award anonymously, you must be represented by an attorney and follow the required declaration and filing procedures. The SEC also distinguishes anti-retaliation protection from eligibility for an award; consult an attorney about how protections apply to your circumstances, including any overseas circumstances. SEC whistleblower protections
Internal reporting does not necessarily prevent a direct SEC report. SEC guidance says an individual may report to the SEC before or at the same time as reporting internally, and may report to the SEC after an internal report as well. The rules and conditions for protection and award eligibility are distinct. SEC whistleblower protections
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What happens after I submit?
Retain your submission, attachments, confirmation, and transmission proof in a secure place. The SEC’s online process provides a receipt notice and submission number; use that number if you supplement the tip. Do not assume a regulator will send an individual response: the CMA says it cannot respond directly to every disclosure because of submission volume. CMA whistleblowing guidance
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