TORONTO, March 9, 2023 /CNW/ - The Ontario Securities Commission (OSC) today provided an update on its Whistleblower Program, which has received tips from around the globe that have led to successful enforcement action against 19 respondents and resulted in $9.33 million awarded to whistleblowers.

"The program is a proven success and illustrates the valuable public service that whistleblowers provide," said Jeff Kehoe, Director of Enforcement at the OSC. "Whistleblowers play a critical role in advancing our enforcement efforts against wrongdoers and protecting investors from harm. We commend the strength and fortitude of the individuals who come forward with tips."

The OSC Whistleblower Program launched in 2016 and is the first and only paid program of its kind run by a Canadian securities regulator. Whistleblowers who submit original information about violations of Ontario securities law may be eligible for awards of up to $5 million. Confidentiality is a cornerstone of the program, and all reasonable efforts are made to ensure a whistleblower's identity is protected.

Key highlights from the update include:

• More than $9 million awarded to 11 whistleblowers
• Approximately $48 million in monetary sanctions and voluntary payments to date – among other sanctions ordered, such as bans
• Growth in program awareness reflected by a 17 per cent average year over year increase in tips since 2018
• Demonstrated global reach with tips originating from six continents and 30 countries and...

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