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Ontario market watchdog pays $7.5 million to three whistleblowers in Canada's first reward for tips

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Paying for tips called a ‘game-change’ for the Ontario Securities Commission’s enforcement effort

The Ontario Securities Commission has paid $7.5 million to whistleblowers in the inaugural use of a first-of-its-kind program in Canada that pays for tips leading to findings of wrongdoing under securities law.The three recipients receiving the cash were not identified by the OSC, which pledges to take “all reasonable efforts” to protect the identity of whistleblowers.

“Whistleblowers expose complex securities misconduct that may not otherwise come to light, allowing us to take timely action,” Kehoe said in the statement.In a June 2018 update, the OSC said its whistleblower program had generated about 200 tips, an average of two tips per week. About 10 per cent of those tips were referred to the enforcement unit for further action, often resulting in investigations.

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