The Ontario Securities Commission (OSC) announced on Feb. 27 that it has paid out $7.5 million to three whistleblowers concerning separate matters. These whistleblower awards are the first ever by a Canadian securities regulator.
These individuals who received these awards “voluntarily provided high quality, timely, specific and credible information, which helped advance enforcement actions resulting in monetary payments to the OSC,” stated the regulator in an announcement.
Program is a game-changer
"Our Whistleblower program has proven to be a game-changer for the OSC's enforcement efforts," said Maureen Jensen, OSC Chair and CEO. "This would not be possible without courageous individuals willing to come forward and provide valuable information about harm to Ontario's capital markets."
The OSC's Whistleblower Program, the first of its kind for a securities regulator in Canada, allows whistleblowers to report possible violations of Ontario securities law. The OSC says it makes all reasonable efforts to protect the confidentiality of whistleblowers and will not disclose information that might reveal a whistleblower's identity.
"Whistleblowers expose complex securities misconduct that may not otherwise come to light, allowing us to take timely action," says Jeff Kehoe, OSC Director of Enforcement. "We hope this announcement, alongside our substantive whistleblower protections, will encourage more whistleblowers to come forward."
To learn more about the program, click here.