Reforms have seen the number of reports jump from 278 then to 817 in the 2020-21 financial year.
"Many factors will have contributed to this 194% increase in the number of reports to ASIC. But some correlation to the law reform cannot be denied," said ASIC Commissioner Sean Hughes.
"I know we are also hearing that the reforms have encouraged reporting by whistleblowers within businesses."
Under the new guidlines, ASIC is responsible for protecing whistleblowers from being identified or being threatend.
Mr Hughes revealed investigations were underway and urged whistleblowers not to be bullied.
"ASIC can take action against people who breach a whistleblower’s identity. And we can also take action against people who harm or fail to prevent harm to whistleblowers.
"Those who suffer detriment can also separately seek compensation and other remedies.
"We have current investigations underway into alleged breaches of the whistleblower protections. And we continue to assess new reports of these matters.
"Please know that ASIC takes non-compliance with the whistleblower protections seriously.
"If you have suffered detriment for making a whistleblower disclosure or because someone thinks you have, we want to hear about your experiences.
"ASIC may be able to take action against the company or individual for their detrimental actions."
Mr Hughes said that a review of companies required to have a whistleblower policy found that the majority did not meet legal requirements.
Three of the most "prevalent and concerning deficiences" were incomplete or inaccurate information, obsolete and out-of-date policies and policies without oversight arrangements.
He is urging CEOs to update their policies and have warned they will be carrying out further reviews.
"If we identify non-compliance, ASIC will draw upon the full suite of regulatory tools we have available to us, which includes enforcement action," he said.
"Courts can consider whether a company’s whistleblower policy has been effectively implemented when deciding on compensation claims for whistleblowers who may have suffered for speaking out.
"We are actively fostering an environment where people feel confident to speak up about wrongdoing."
Earlier this year, ASIC announced that employees who blow the whistle on serious white-collar crime could get immunity from civil and criminal action – but freedom comes with a catch.
The get-out-of-jail free card applies to offences such as market rigging, insider trading and dishonest conduct in the course of carrying on a financial services business.
People found to have committed such offences face up to 15 years in jail and fines up to $1 million or three times the benefit of the contravention.