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ARTICLE · 01 DECEMBER 2023

B.C. Securities Commission Program Offers Monetary Awards For Whistleblowing

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The British Columbia Securities Commission (BCSC) has introduced a new Whistleblower Program to incentivize future whistleblowers to come forward by offering monetary rewards...

CanadaEmployment and HR
Lawrence Ritchie
Lawrence Ritchie
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Teresa Tomchak
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Victoria Luxford
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The British Columbia Securities Commission (BCSC) has introduced a new Whistleblower Program to incentivize future whistleblowers to come forward by offering monetary rewards. As of November 7, 2023, those who provide the BCSC with helpful information regarding investment fraud or "other serious types of market misconduct" could see payouts ranging from $1,000 to $500,000.

This new program comes in the wake of several other whistleblower programs being introduced across the country. The Ontario Securities Commission (OSC) was the first to introduce the OSC Whistleblower Program in 2016, modelled after its American counterpart. Since its inception, the OSC's program has successfully obtained "high quality tips which have resulted in timely and impactful enforcement action" and it has paid out over $9 million to 11 whistleblowers. The maximum award under the OSC Whistleblower Program is $5 million.

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