Alberta Securities Commission extends new protections to whistleblowers

New initiative aims to make it easier to report suspected irregularities

Albertans looking to report breaches in securities law now have additional safeguards from the province’s investment watchdog.

On Tuesday, the Alberta Securities Commission — which protects Albertans from Ponzi schemes, frauds and insider trading — announced the creation of a program to make reporting the schemes easier for whistleblowers.

Commission CEO Stan Magidson said the new Office of the Whistleblower will allow directors, employees and stakeholders in the investment world to “safely and easily” report “misconduct in our capital market.”

“This program enables whistleblowers to provide critical information about securities misconduct with increased confidentiality protections and without fear of repercussion,” said Magidson.

He said new provisions in the Alberta Securities Act under Bill 20 will “encourage compliance with securities laws” and make it possible for the commission to “intervene, investigate and minimize harm to investors.”

The commission says the new office will streamline the reporting of potential frauds, market manipulations or any “securitiesrelated matter.”

Tips can also be made online through the Alberta Securities Commission’s website.

The protection of a whistleblower’s identity and “protection from reprisal” — such as firings, demotions or harassment — is mandated under the Securities Act.

The commission said those protections are “further strengthened” by its “ability to take enforcement action” against any company or group found targeting a whistleblower for coming forward.

“Employees are encouraged to provide good-faith tips on securities-related misconduct by their employer, which can be a person or company,” the commission said in a news release.

“Tips could include information on insider trading, market manipulation, fraud, or issues relating to corporate disclosure or financial statements.”

For additional information on the whistleblower program or to submit a tip, visit albertasecurities. com or call 1-833-295-4387.

The Alberta Securities Commission is the regulatory agency responsible for administering the province’s securities laws and protecting investors.

This program enables whistleblowers to provide critical information about securities misconduct with increased confidentiality protections and without fear of repercussion.