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Post says head of SEC praises whistleblower program

2014-10-17 07:04 ET - In the News

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

The Financial Post reports in its Friday edition Mary Jo White, chairman of the U.S. Securities and Exchange Commission, stopped short of recommending the Ontario Securities Commission adopt a cash-backed whistleblower program, but she praised the SEC's version as "enormously successful." The Post's Barbara Shecter writes speaking in Toronto at an OSC conference, Ms. White said the U.S. program "has yielded very significant information on very serious securities fraud." The SEC's program paid out a record award of $30-million (U.S.) in September for information about an investment fraud the agency said would have been "very difficult to detect" without the whistleblower. The OSC has been considering an incentive-backed whistleblower program for four years. Canada's biggest capital markets regulator is expected to continue the discussion this fall with the publication of a "concept paper." The OSC document will "inform the direction the commission ultimately takes."

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