“Stop fraud quicker.” That could be the new marketing line for the Ontario Securities Commission as it unveils Thursday the final version of its whistleblower policy and opens its new Office of the Whistleblower for business.
The big bet is that, by offering financial awards à la the U.S. Securities and Exchange Commission, tipsters all the way up to officers, directors and in-house counsel will be incentivized to report malfeasance. Information leading to successful enforcement action could result in a whistleblower award of as high as $5 million. (The award amount is tied to the resulting monetary sanctions imposed on the offending individual or company. As you would expect, protection of the whistleblower is a fundamental part of the new program.)
By Jennifer Wells
Read the full article at The Toronto Star.