Canadian securities regulators are recognizing the contributions of whistleblowers in honour of World Whistleblower Day on June 23.
The Alberta Securities Commission (ASC), the Autorité des marchés financiers (AMF), the B.C. Securities Commission (BCSC), and the Ontario Securities Commission (OSC) have collectively acknowledged the crucial role that whistleblowers play in exposing misconduct, illegal practices, and unethical behaviours within companies.
“We are grateful to the individuals who have exposed misconduct so that it can be investigated and stopped,” said Stan Magidson, Chair of the Canadian Securities Administrators (CSA) and Chair and CEO of the ASC. “We work to promote fair and efficient capital markets and protect investors. To that end, we stand for an environment where integrity and accountability are valued and wrongdoing is not tolerated.”
Magidson emphasized the importance of whistleblowers in maintaining the integrity of the market, stating that their contributions help protect Canadians by bringing to light securities misconduct that might otherwise go undetected.
In their statements, the CSA and the individual commissions extended their appreciation to whistleblowers for their efforts to safeguard the public and the capital markets.
The ASC, responsible for administering Alberta’s securities laws, focuses on fostering a fair and efficient capital market in the province and protecting investors. As a member of the CSA, the ASC collaborates to improve and harmonize the regulation of Canada’s capital markets.
The AMF, in its regulatory role, aims to maintain a dynamic financial sector that operates with integrity and earns public trust. It oversees activities across various sectors, including insurance, securities and derivatives, and financial products and services distribution.
The BCSC, an independent provincial government agency, strives to benefit the public by regulating the investment market. The agency sets rules, monitors compliance, takes action against misconduct, and provides guidance to investors and industry participants.
The OSC’s mandate includes protecting investors from unfair practices, fostering confidence in capital markets, and contributing to the stability of the financial system. The OSC encourages investors to verify the registration of individuals or companies offering investment opportunities and to utilize its investor materials.
The recognition of whistleblowers by these regulatory bodies underscores the vital public service provided by individuals who expose wrongdoing, ultimately contributing to the health and fairness of Canada’s capital markets.