Prompt payment of awards

Section 21F(b) of the Securities Exchange Act of 1934 (15 U.S.C. 78u–6(b)) is amended by adding at the end the following: (3) Timely processing of claims (A) Initial disposition (i) In general Except as provided in subparagraph (B), the Commission shall make an initial disposition with respect to a claim submitted by a whistleblower for an award under this section (referred to in this paragraph as an award claim) not later than the later of— (I) the date that is 1 year after the deadline established by the Commission, by rule, for the whistleblower to file the award claim; or (II) the date that is 1 year after the final resolution of all litigation, including any appeals, concerning the covered action or related action. (ii) Multiple actions If an award claim involves 1 or more related actions, the requirement under clause (i) shall apply with respect to the latest deadline with respect to the actions. (B) Exceptions (i) Initial extension If the Director of the Division of Enforcement of the Commission (referred to in this paragraph as the Director), or the designee of the Director, determines that an award claim is sufficiently complex or involves more than 1 whistleblower, or if other good cause exists such that the Commission cannot reasonably satisfy the requirements under subparagraph (A), as determined by the Director or the designee, as applicable, the Director or the designee, after providing notice to the Chairman of the Commission (referred to in this paragraph as the Chairman), may extend the deadline with respect to the satisfaction of those requirements by not more than 180 days. (ii) Additional extensions If, after providing an extension under clause (i), the Director, or the designee of the Director, determines that good cause exists such that the Commission cannot reasonably satisfy the requirement under subparagraph (A), the Director or the designee of the Director, may extend the deadline described in clause (i) as needed for 1 or more additional successive 180-day periods only after providing notice to and receiving approval from the Commission. (iii) Notice to whistleblower required If the Director, or the designee of the Director, exercises authority under clause (i) or (ii), the Director or the designee, as applicable, shall submit to the whistleblower who filed the award claim that is subject to that action by the Director or the designee a written notification of that action. (C) Applicability This paragraph shall apply only to an award claim that the Director of the designee of the Director determines is timely submitted under a deadline established by the Commission after the date of enactment of this paragraph..