Awards under the program will range from $1,000 up to $250,000, though individuals can potentially receive multiple payments for the same information up to a maximum of $500,000.
Blowing the whistle on companies in British Columbia that are breaking the law now comes with a cash reward.
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.
The Ontario program was initially designed to cap payments at $1.5-million, but that was eventually raised to $5-million after experts suggested the initial limit was too little to compensate senior executives who run the risk of losing high-paying jobs and being blacklisted from their industries if they reveal information.
The $2-million settlement that the OSC reached with Royal Bank of Canada last week over accounting violations is a good example “because I’m betting RBC is going to pay that,” she said.
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