On January 16, the U.S. Securities and Exchange Commission (SEC) announced a settlement with Two Sigma Investments LP and Two Sigma Advisers LP, requiring them to pay $90 million for failing to address vulnerabilities in their investment models and violating SEC whistleblower protection rules. The SEC found that the firms used restrictive language in separation agreements, discouraging whistleblowing by requiring individuals to falsely affirm they had not filed complaints with any government agency. This case underscores the SEC’s increasing enforcement of whistleblower protections, with other regulators like the CFTC and CFPB also taking similar actions against restrictive NDAs.