“Usually, individuals who break the legislation within the funding market or evade our sanctions can’t do it with out others noticing,” Brenda Leong, the BCSC’s Chair and CEO, stated in an announcement. “The BCSC at all times encourages folks to report suspicious exercise, and we expect these awards present an added incentive for folks to contact us and supply info that may assist make our market extra sincere and truthful.”
Below this system, awards will likely be paid out starting from $1,000 to $250,000. Whistleblowers might additionally obtain a couple of award for a similar info, with a most payout cap of $500,000.
The quantity awarded – to be decided by the BCSC’s government director – will likely be based mostly on how rapidly the knowledge was supplied, how vital an impression the knowledge needed to the enforcement consequence, and the seriousness of the market misconduct in query, amongst different issues.
The provincial regulator acknowledged different market regulators might provide greater bigger whistleblower awards, it pledged to pay out for extra enforcement awards and disburse awards extra rapidly.
“The extra beneficial your info is, the extra we might pay you,” Leong stated.
