The BC Securities Commission (BCSC) will start paying people who provide helpful information about investment fraud and other serious types of market misconduct.
The whistleblower program awards will range from $1,000 to $250,000 and will be determined by how quickly the information was reported, how much the information contributed to the enforcement outcome, and the seriousness of the misconduct, among other considerations. A whistleblower also could receive more than one award for the same information, with the maximum payout capped at $500,000.
The whistleblower program, specifically tailored for BC’s investment market and unique among Canadian securities regulators, will make it easier for people to qualify for awards and to receive awards quickly.
The BCSC will give awards if the information leads to enforcement action by the BCSC, including:
- A halt trade order
- Issuing formal allegations
- Sanctions after a hearing
- A settlement agreement, and
- The identification and location of assets of people who have been ordered to pay financial sanctions.
The BCSC will use a special online portal to receive whistleblower tips, which can be completed online, mailed, or called in. A whistleblower can submit their own tip, or they can get help from a lawyer.
Whistleblowers can file their tip anonymously, but they must reveal their identity to the BCSC before receiving an award.
Whistleblowers are protected from reprisal by British Columbia’s Securities Act, which prohibits retaliation that is solely the result of a person providing information to the BCSC.
Whistleblowers must provide information about someone else’s wrongdoing to qualify for a whistleblower award. They are excluded from receiving a whistleblower award if they provide information about themselves only. In those situations, they may qualify for credit for cooperation under a different BCSC policy.
Whistleblowers who provided information to the BCSC before November 7, 2023 are not eligible for a whistleblower award. Information provided now that relates to misconduct before November 7, 2023 will be eligible
Report a Concern
If you have any concerns about a person or company offering an investment opportunity, please contact BCSC Contact Centre at 604-899-6854 or 1-800-373-6393 or through e-mail at [email protected]. You can also file a complaint or submit a tip using the BCSC’s online complaint form.