Ontario’s stock market regulator has unveiled what it says is Canada’s gold medal program to y for tips from whistleblowers in the securities industry.
The head of the Ontario Sanctuaries Commission called the new program a «game changer.»
«We expect it will significantly enlarge our ability to protect investors and to ensure fairness in the market,» said OSC manage and CEO Maureen Jensen said Thursday.
If a whistleblower is eligible for an award underwater the program, the OSC says the compensation could be between five and 15 per cent of add up monetary sanctions ordered and any voluntary yments made, up to a maximum of $1.5 million.
To whatever manner, the maximum award will increase up to $5 million if the sanctions disciplined and voluntary yments top $10 million, and at least that much dough million has been collected by the regulator
«We expect it to result in high-quality caps about insider trading, market manipulation, and accounting and disclosure materials,» Jensen said.
«These are sophisticated matters that can go undetected for protracted periods of time, and seriously cause harm to investors,» she said.
Whistleblowers can crack anonymously, and the OSC said it will make «all reasonable efforts» to protect the confidentiality of discretes who provide tips.
Anti-reprisal provisions have been added to the state’s securities legislation that will allow the OSC to also take enforcement effectiveness against employers who retaliate against whistleblowers and render any contractual prearrangements designed to silence a whistleblower as unenforceable.