Newspaper article The Canadian Press

Ontario Securities Commission Announces Launch of Whistleblower Program

Newspaper article The Canadian Press

Ontario Securities Commission Announces Launch of Whistleblower Program

Article excerpt

OSC whistleblower program prepares for launch

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TORONTO - Ontario's securities watchdog says July 14 is the launch date for its whistleblower program, which will pay up to $5 million for insider information about accounting fraud, insider trading and market manipulation.

The Ontario Securities Commission's whistleblower program -- the first in Canada to pay for tips -- will include protections for those who come forward, such as confidentiality and anti-retaliation measures.

The OSC originally planned to cap payments to tipsters at $1.5 million, but increased the upper limit after experts suggested that was too little to compensate senior executives who risk losing lucrative jobs and being blacklisted from their industries. …

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