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Canadian securities regulators disagree on whistleblower incentives

Jaclyn Jaeger | August 2, 2016

Taking cues from the SEC’s Whistleblower Program, Canadian securities regulators in two jurisdictions separately launched landmark whistleblower programs of their own—but while one provides a financial incentive for those who come forward with information, the other does not.

Caitlin SainsburyUnlike the United States and most other countries, Canada has no national securities regulator. “The scope of jurisdiction over securities laws is somewhat more complicated in Canada than it is in other parts of the world, because each province has its own securities commission,” says Caitlin Sainsbury, a partner in the Toronto office of law firm Borden, Ladner, Gervais. Companies have one senior regulator to whom they report, depending on where they are headquartered, or for companies outside of Canada, the exchange on whom they trade...

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