Advocate Daily quotes Toronto partner Norm Keith in an article about OSC launching new whistleblower initiative, adopting an American-style program.
Norm Keith, a partner with Fasken Martineau and part of the firm’s White Collar Defence and Investigation group, tells Lawyers Weekly that unlike in the U.S., there is very little tradition in Canada – either in business or in the broader culture of whistleblower activity – of holding alleged wrongdoers accountable. The $5 million reward ceiling is also quite small, he adds.
“The OSC has got a very poor track record of prosecution for insider trading and further securities fraud. The likelihood of them successfully pursuing either a prosecution or an administrative hearing and penalty as a result of a whistleblower is probably quite low,” he adds.