10:32:23 EDT Wed 01 May 2024
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Globe says BCSC wants you help do its job

2023-11-07 08:35 ET - In the News

The Globe and Mail reports in its Tuesday edition that blowing the whistle on companies in British Columbia that are breaking the law now comes with a cash reward. The Globe's James Bradshaw writes that starting Tuesday, the B.C. Securities Commission will be accepting whistle-blower tips through a new on-line portal in hopes of encouraging more people to report suspicious activities. Unlike other whistle-blower programs that only pay for tips that lead to large financial penalties, the BCSC is promising cash for information that leads to a variety of different outcomes. The BCSC hopes payments made to whistle-blowers will be made much sooner than other paid programs. Awards under the program will range from $1,000 up to $250,000, though individual whistle-blowers can potentially receive multiple payments for the same information up to a maximum of $500,000. Tips that lead to initial steps of an investigation, such as a halt trade order on a company's shares, will be paid at the lower end of that range with payments rising as an investigation progresses along the enforcement process. B.C. is the second jurisdiction in Canada to institute a paid whistle-blower program. Ontario launched the first such program in 2016.

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