BCSC reminds whistleblowers to check online portal about potential payouts

VANCOUVER, BC, July 5, 2024 /CNW/ – The B.C. Securities Commission (BCSC) is reminding people who submitted anonymous tips through its newly created whistleblower program – and who want to receive financial awards for doing so – that they must identify themselves to the BCSC before receiving an award.

The BCSC has completed reviews of several whistleblower tips and determined that some whistleblowers may be eligible for awards. But the BCSC needs more information from them.

Due to the anonymity provided by the online whistleblower portal, the BCSC has no way of contacting whistleblowers who submit information anonymously. If they want to receive an award, they must regularly log back into the online portal they originally used to provide the tip, to see if more information, including identification, is required of them.

“Whistleblowers who want to remain anonymous to the BCSC can certainly do so,” said Peter Brady, the BCSC’s Executive Director. “But if they want to receive a financial award, they need to identify themselves to the BCSC.”

The BCSC’s whistleblower awards range from $1,000 to $250,000, and are 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.

About the B.C. Securities Commission (www.bcsc.bc.ca)

The B.C. 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.

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

SOURCE British Columbia Securities Commission