A new program and an Office of the Whistleblower has been created by the Alberta Securities Commission to allow whistleblowers to safely and easily report potential breaches of Alberta securities laws.

The ASC described a whistleblower as an employee, including a person who is a contractor or a director of that organization, who voluntarily provides information to the ASC about an alleged securities law violation by their employer.

“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, in a statement. “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.”

The ASC said employees are encouraged to provide good faith tips on securities-related misconduct by their employer, which can be a person or company.

“Tips could include information on insider trading, market manipulation, fraud, or issues relating to corporate disclosure or financial statements,” said the commission, adding that new mechanisms and processes will make reporting easier.

It also said that there will be heightened protection of the identity of whistleblowers with a whistleblower’s identity confidential and only can 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. Examples of a reprisal include dismissal from employment, demotion or harassment, among others. This protection is further strengthened by the ASC’s ability to take enforcement action in the event a reprisal occurs. The Securities Act establishes civil liability for an employer, or fellow employee, who takes a reprisal against a whistleblower,” said the commission.

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