Sep 27, 2016

By Michael Kramer

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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.

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