The Autorité des marchés financiers (AMF) on Monday announced launch its whistleblower program, which aims to offer greater protections to prospective tipsters, but will not pay rewards for information.
Under the AMF program, whistleblowers will benefit from “informer privilege” as soon as they report possible misconduct, the regulator says in a statement.
Specially trained investigators will “make every effort to maintain the confidentiality of the information and the documents received, as well as the whistleblower’s identity,” the regulators adds.
The new program also contains measures to protect whistleblowers against retaliation, such as immunity from possible civil suits stemming from reporting of wrongdoing. The AMF intends to work with the government in Quebec to propose additional anti-retaliation measures that would be enshrined in legislation, the regulator says.
“Individuals who want to give us certain information but have hesitated for fear of reprisals can now turn to the AMF’s whistleblower program,” says Louis Morisset, president and CEO of the AMF, in a statement. “We invite them to use our secure whistleblower channel, which ensures that the information we receive is handled thoroughly and confidentially. Our specialized team is ready to guide whistleblowers throughout the process and ensure extra protection in the course of ensuing investigations and legal proceedings.”
Whistleblowers will enable the regulator to “identify more offences, intervene earlier and minimize the repercussions on victims,” Morisset adds.
Last February, the AMF announced it would not offer monetary rewards to whistleblowers, saying that it is not certain that financial incentives generate higher quality reporting.
Last week, the Ontario Securities Commission announced that it will launch its whistleblower program on July 14, which could pay up to $5 million for tips that lead that lead to significant enforcement action.
Photo copyright: lightwise/123RF