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OSC and IIROC appeal for tips on abusive trading

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The Ontario Securities Commission (OSC) and the Investment Industry Regulatory Organization of Canada (IIROC) encourage the public to submit tips on potential abusive trading in securities of Ontario reporting issuers, including illegal insider trading, market manipulation or abusive short selling.

As outlined in joint whistleblower guidance published today, the OSC and IIROC have reason to believe that certain market participants may be engaged in abusive short selling practices. In particular, anyone with first-hand knowledge or other specific and credible evidence about short selling into or ahead of public offerings or private placements of Ontario securities is strongly encouraged to submit a tip.

Those who provide information to the OSC Whistleblower Program may be eligible for awards of up to $5 million for tips that lead to an OSC enforcement action. For more on the OSC’s Whistleblower Program, including award eligibility and how to submit a tip, visit: http://www.officeofthewhistleblower.ca.

For more information about IIROC’s Whistleblower program, visit: https://www.iiroc.ca/industry/Pages/whistleblower.aspx.

IIROC is the national self-regulatory organization that oversees all investment dealers and their trading activity in Canada’s debt and equity markets. IIROC carries out its regulatory responsibilities under Recognition Orders from the provincial securities commissions that make up the Canadian Securities Administrators (CSA).

The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair and efficient capital markets and confidence in the capital markets, and to contribute to the stability of the financial system and the reduction of systemic risk.  Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at http://www.osc.gov.on.ca.

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Regulator Information

Abbreviation: OSC
Jurisdiction: Canada

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