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Inside Internal Controls

News and discussion on implementing risk management

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securities act

SEC awards whistleblower reduced amount citing whistleblower culpability

The February 28, 2017 order emphasized that the reduced award was a result of the whistleblower’s culpability in connection with the securities law violations and the whistleblower’s delay in reporting the violation to the SEC.

 

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A review of new whistleblower protections under Ontario’s Securities Act

In connection with the establishment of the Ontario Securities Commission’s new Whistleblower Program in July 2016, which includes monetary incentives for whistleblowers in Ontario, the Ontario government has approved amendments to the Securities Act (Ontario) to provide additional protection to persons who report a potential violation of Ontario securities law or a by-law or other instrument of a self-regulatory organization. The amendments were proclaimed into force on June 28, 2016.

 

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Alberta proposes Securities Act amendments

Alberta might not be too keen on joining a national securities regulation scheme, but that doesn’t mean the province isn’t interested in strengthening its securities legislation and improving cooperation in the existing system.

 

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Manitoba update!

We’ve paid embarrassingly little attention to Manitoba at First Reference Talks. But that’s all changing as the province that sits on Ontario’s western shoulder (presumably Ontario’s “angel” conscience) has set out to distinguish itself recently. The province has stood up with Alberta and Quebec against the prospect of a national securities regulator, arguing that securities regulation is solely a provincial matter and that the current system works better than a centralized one would.

 

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The dream of a national securities regulator lives on

No doubt you’ve heard about the debate over a national securities regulator. Maybe you’ve even paid attention a bit. (I believe there was a scuffle recently over a logo or something—and the location of the head office of the proposed regulator?) Anyway, the Federal Government has prepared a Securities Act and handed it over to the Supreme Court to decide whether the feds even have the legal authority to establish a harmonized national regime to govern capital markets.

 

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Draft of new national securities act introduced

Earlier this year, we reported that Alberta and Quebec were preparing constitutional “references” to be heard by their respective provincial Courts of Appeal to defend their rights to maintain their own provincial securities regulators. At the same time, the federal government announced its intention to take its case for a national regulator to the Supreme Court…

 

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