Last Tuesday, the Alberta Securities Commission (ASC) announced that it’s expanding its enforcement toolbox through the creation of a whistleblower program and the new Office of the Whistleblower (OWB). This program will allow whistleblowers to report potential securities law breaches in a way that is safe and easy. Employees are encouraged to utilize the new program to report, in good faith, any securities-related misconduct committed by their employer. The ASC has also ensured that those who do come forward with tips will be protected from repercussions:
“Along with new mechanisms and processes to make reporting easier, the program provides rigorous protections for whistleblowers. These include:
- Heightened protection of the identity of whistleblowers. New provisions in the Securities Act (Alberta) mandate that a whistleblower’s identity is confidential and can only be disclosed in limited circumstances.
- Protection from reprisal. It is against the law to take a reprisal against an employee, or a relative of the employee, for acting as a whistleblower to the ASC.”
In a news release about the new program, Chair and CEO of the ASC, Stan Magidson, said “…the ASC’s whistleblower program will enable us to intervene, investigate, and minimize harm to investors.” For more information, you can find the full news release on the ASC’s website.