OSC whistleblower initiative to open shortly
Chris Hamblin, Editor, London, 28 June 2016
The Ontario Securities Commission says that its 'whistleblower programme' will pay as much as C$5 million for inside information about financial crime from 14 July onwards.
The original idea, still being floated in February, was to cap payments at C$1½ million but a groundswell of opinion convinced it to move it upwards. It still expects, however, to pay only C1½ million unless it levies C$10 million in fines, with the informant getting 5-10% of the proceeds up to C$5 million in exchange for tip-offs that lead to successful prosecutions or settlements. No other regulator in Canada makes payments for such things.