Thursday, July 14, 2016

New OSC whistleblower program offers rewards of up to $5M

Ontario's stock market regulator has unveiled what it says is Canada's first program to pay for tips from whistleblowers in the securities industry. The head of the Ontario Securities Commission called the new program a "game changer."
"We expect it will significantly enhance our ability to protect investors and to ensure fairness in the market," said OSC chair and CEO Maureen Jensen said Thursday. If a whistleblower is eligible for an award under the program, the OSC says the compensation could be between five and 15 per cent of total monetary sanctions ordered and any voluntary payments made, up to a maximum of $1.5 million.

However, the maximum award will increase up to $5 million if the sanctions ordered and voluntary payments top $10 million, and at least that much money has been collected by the regulator
The Ontario whistle blower’s office has six staff and a dedicated website that is now open for tips at www.officeofthewhistleblower.ca or submit information to the OSC by mail.