BCSC issues first whistleblower award

Vancouver - The B.C. Securities Commission (BCSC) has made its first whistleblower award of $25,000 to an individual whose information contributed to an ongoing enforcement action into suspected misconduct.

The award marks the first payout under the BCSC's whistleblower program, which provides financial incentives to individuals who provide information that meaningfully contributes to an investigation of investment fraud and other serious types of market misconduct.

"This award reflects the fact that when individuals come forward with timely, credible information, it can make a real difference in our ability to act quickly to protect investors and the integrity of our investment markets," said Brenda Leong, the BCSC's chair and CEO. "The more valuable your information is, the more we may pay you."

The BCSC gives awards for information leading to specific types of enforcement action, including a halt trade order, preservation orders and formal allegations. To protect the whistleblower's identity, the BCSC does not disclose details about the specific enforcement action nor the nature of the suspected misconduct.

The BCSC's Whistleblower Program is unique, in that unlike programs of other securities regulators, it pays awards for ongoing enforcement matters, rather than at the conclusion of a hearing. Financial awards range from $1,000 to a maximum of $500,000, depending on factors such as how quickly the information was reported, how much it contributed to the investigation, and the seriousness of the misconduct.

The program was launched in November 2023 to reinforce the BCSC's efforts to detect misconduct sooner and disrupt it more quickly. To be eligible for an award, whistleblowers must provide information about someone else's wrongdoing. Those reporting only their own misconduct are not eligible for a whistleblower award but may qualify for credit for cooperation under a separate BCSC policy.

Whistleblowers can submit tips through a secure online portal, by mail, or by phone. Tips can be submitted anonymously, though whistleblowers must reveal their identity to the BCSC before receiving a financial award.

About the BC Securities Commission (bcsc.bc.ca)

The BC Securities Commission, an independent provincial government agency, strives to make the investment market benefit the public. We set rules, monitor compliance by industry, take action against misconduct, and provide guidance to investors and industry. As guardians of B.C.'s investment market, we're committed to maintaining a market that is honest, fair, competitive and dynamic, enabling British Columbians to thrive.

Media Contact:
Elise Palmer
604-899-6830

Public inquiries:
604-899-6854 or 1-800-373-6393 (toll free)
[email protected]

Learn how to protect yourself and become a more informed investor at https://www.investright.org