The Bottom Line News quotes Toronto partner Norm Keith in an article about whistleblower initiatives at OSC.
Norm Keith, a senior partner with the law firm Fasken Martineau in Toronto isn’t so certain about the program’s eventual success. “Certainly there are good intentions there by the OSC. But I’m not sure adopting the American style bounty program is the best way to go,” he said.
Moreover, “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,” said Keith.