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FP says OSC continues to mull whistleblower rule

2014-08-05 06:53 ET - In the News

See In the News (C-*OSC) Ontario Securities Commission

The Financial Post reports in its Tuesday, Aug. 5, edition that when the United States Congress passed the Dodd-Frank Act in 2010, it included a provision to encourage whistleblowing. The Globe's Tara Perkins writes that whistleblowers whose information enables the SEC to levy a fine of at least $1-million (U.S.) could be eligible for an award equal to between 10 per cent and 30 per cent of the amount of the fine. The SEC's whistleblower program goes far beyond what exists in most countries. Ms. Perkins reports that the Ontario Securities Commission has spent three years studying whether it should put in place a similar rule. It has not yet made a decision. In the meantime, Ms. Tait says the OSC is likely missing out on some valuable tips. People of any nationality are eligible for whistleblower awards from the SEC. In its last fiscal year the SEC received 62 whistleblower tips from within Canada. The Post says Canadians were the second-highest foreign reporters after the British. Whistleblowers often have to spend countless hours with regulators explaining their allegations. The Post says whistleblowers are essential for cracking down on risky or outright fraudulent practices.

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