Ontario’s incoming securities whistleblower program will promote better compliance culture among market participants, but the limited incentives and confidentiality it offers to informants may hamper its effectiveness, legal experts have warned. (more…)
Financial Regulatory Forum
Finance, legal professionals question impact of OSC Whistleblower Program on ‘culture of compliance’
By Helen Chan, Compliance Complete
TORONTO, June 2, 2015 (Thomson Reuters Accelus) – The Ontario Securities Commission (OSC) recently closed the consultation period on its proposed whistleblower program, but debate over the draft rules appears to be far from over. Finance and legal professionals have raised concerns over the program, particularly the absence of requiring eligible whistleblowers to report misconduct to internal compliance personnel prior to approaching the OSC.
Modeled after the Dodd-Frank Whistleblower Program, the OSC’s Whistleblower Program seeks to encourage individuals with information of financial misconduct at their firms to come forward. (more…)
”If liberty means anything at all, it means the right to tell people what they do not want to hear,” George Orwell told readers in Animal Farm, his parable of totalitarianism and centralized control.
By Stuart Gittleman, Compliance Complete
NEW YORK, Dec. 10 (Thomson Reuters Accelus) – Preventing fraud, not just reacting once it occurs, should be the goal of every corporate compliance program, but business has a mixed record in encouraging employees to report suspected misconduct internally, speakers at a Thomson Reuters forum said Tuesday.
SEC whistleblower program stricter than IRS bounty which paid $104 million to felon, former official says
By Stuart Gittleman
NEW YORK, Sept. 12 (Thomson Reuters Accelus) – Rewards like the $104 million the Internal Revenue Service said Tuesday it would pay a convicted felon would not occur under a similar Securities and Exchange Commission program, a former official who helped develop the program told Compliance Complete. (more…)
By Julie DiMauro
NEW YORK, Sept. 6 (Thomson Reuters Accelus) – Retaliation against workplace whistleblowers is rising sharply, expanding into previously safe categories of employees such as senior-level managers and even in workplaces with notably strong ethical cultures, a study found.
INTERVIEW: Whistleblowing is a duty if internal calls unheeded, U.S. bailout overseer tells compliance officers
By Stuart Gittleman
NEW YORK, July 31 (Thomson Reuters Accelus) – Compliance officers have a duty to become whistleblowers if their concerns are not heeded internally, Neil Barofsky, the watchdog over the U.S. financial crisis bailout program, told Compliance Complete in an interview.
NEW YORK, March 5 (Thomson Reuters Accelus) – Companies in the United States should focus on implementing performance metrics to defend themselves from whistleblower claims and to prevent misconduct within the company, according to a report from consultancy PricewaterhouseCoopers.