Sep 27, 2016
By Michael Kramer
The Ontario Securities Commission says it’s new whistleblower program has already brought in more than 30 tips – since it was launched in July.
Rewards of up to $5 million are offered for tips that lead to successful prosecution of serious securities law violations – like insider trading, accounting tricks – and market manipulation.
OSC chair and CEO Maureen Jensen says the program has been “fruitful out of the gate” – in her comments at the Toronto Region Board of Trade today.
It was Jensen’s first keynote speech – since taking over the helm of the OSC.
Jensen also spoke about the need to improve investor protection – by exploring the possibility of banning embedded mutual fund fees.
The OSC had originally planned to cap maximum reward payments at $1.5 million, but it raised that amount after experts suggested that sum was too small to compensate senior executives – who risk losing high-paying jobs and being blacklisted from their industries for becoming whistleblowers.