00:03:09 EDT Thu 25 Apr 2024
Enter Symbol
or Name
USA
CA



Globe says OSC hears about SEC's whistleblower success

2015-06-10 08:29 ET - In the News

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

The Globe and Mail reports in its Wednesday edition dozens of Canadian residents reported allegations of wrongdoing to the U.S. Securities and Exchange Commission last year, taking advantage of its new whistleblower program. The Globe's Janet McFarland writes Jane Norberg, deputy chief of the SEC's Office of the Whistleblower, told a Toronto audience Monday that her agency's new program has been a "game changer" since its introduction in 2011, generating over 3,600 tips last year alone -- including 58 from Canada. "Any country considering financial incentives should take a look at our annual report and see how many of their citizens are giving tips to us," she told a round table discussion organized by the Ontario Securities Commission. The OSC published a discussion paper on the topic in February, proposing to pay tipsters up to 15 per cent of the total monetary sanctions collected in a case to a maximum of $1.5-million. Ms. Norberg said her agency has paid out $50-million (U.S.) to 17 people since the program began, providing between 10 and 30 per cent of fines collected following a successful prosecution. The SEC paid $30-million (U.S.) last year to an unidentified tipster outside the United States.

© 2024 Canjex Publishing Ltd. All rights reserved.