Regulator says it has stringent protections for employees
The Alberta Securities Commission has announced a new whistleblowers program to tackle wrongdoing in the markets.
It has established the Office of the Whistleblower to enable the safe reporting of potential breaches of Alberta securities laws such as insider trading, market manipulation, fraud, or issues relating to corporate disclosure or financial statements.
"This program enables whistleblowers to provide critical information about securities misconduct with increased confidentiality protections and without fear of repercussion," said Stan Magidson, Chair and Chief Executive Officer. "Designed to encourage compliance with securities laws and help identify and address misconduct in our capital market as early as possible, the ASC's whistleblower program will enable us to intervene, investigate, and minimize harm to investors."
ASC announces the addition of a whistleblower program to its expanding enforcement toolbox https://t.co/RfFLYeM7GP pic.twitter.com/Ntlphvy6Jx
— ASC (@ASCUpdates) November 20, 2018
The ASC says its new program will give rigorous protections for whistleblowers including heightened protection of the identity of whistleblowers through new provisions in the Securities Act (Alberta) mandate that a whistleblower's identity is confidential and can only be disclosed in limited circumstances.
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. This could include dismissal from employment, demotion or harassment, among others. The Securities Act establishes civil liability for an employer, or fellow employee, who takes a reprisal against a whistleblower.
Whistleblowers can find more details or report a potential breach via albertasecurities.com or by calling toll free 1-833-295-4387.
