In a 3-2 vote on Wednesday, the SEC approved what has grown to become one of the most contentious provisions required under the Dodd-Frank Wall Street overhaul law.

Companies from Google to JPMorgan Chase have expressed fears the whistleblower rule could undermine internal compliance programs at public companies.

Under the final rule, whistleblowers whose tips lead to cases that result in sanctions exceeding $1 million can be eligible for a reward of 10 percent to 30 percent of the total sanctions. Although the rule encourages whistleblowers to first report problems internally, it does not mandate it.

Both Republican commissioners at the SEC dissented on the rule and raised numerous concerns, from its impact on internal compliance to fears it may inundate the SEC with complaints that do not prove to be fruitful.

( Source: Reuters )