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.
The SEC’s program has so far paid over US$1.3 billion to tipsters, including a couple of awards in excess of US$100 million. Canada has been a strong source of tips to the SEC, trailing only the U.S. and the U.K. in the number of whistleblower tips generated.
In addition to looking for ways to issue more or larger awards, the OSC said it intends to increase public awareness of the program and target these outreach efforts to...
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