The Ontario Securities Commission (OSC) is considering ways to expand its whistleblower program — the only industry tip line in Canada that pays rewards to successful tipsters.
The regulator launched its whistleblower program in 2016, and reported on Thursday that it has paid over $9.3 million to tipsters so far.
Those tips have, in turn, led to enforcement actions against 19 respondents that generated $48 million in monetary sanctions and voluntary payments, along with other penalties, such as trading and registration bans and suspensions.
“The program is a proven success and illustrates the valuable public service that whistleblowers provide,” said Jeff Kehoe, director of enforcement with the OSC, in a release.
“Whistleblowers play a critical role in advancing our enforcement efforts against wrongdoers and protecting investors from harm,” he said. “We commend the strength and fortitude of the individuals who come forward with tips.”
The OSC indicated it is looking to expand the program, including “exploring the potential to issue more awards and larger award amounts.”
Already, the regulator can issue awards of up to $5 million. However, the U.S. Securities and Exchange Commission’s (SEC) whistleblower program, which was the model for the OSC’s program, pays awards of up to 30% of the sanctions collected as a result of an enforcement tip, with no upper limit.
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