Whistleblowers – MFDA established its Whistleblower Program in February 2014 to receive information from individuals who have knowledge or evidence of potential unethical or illegal activity or contraventions by MFDA Members or Approved Persons of MFDA By-laws, Rules, Policies or Canadian securities requirements.
The activity in question may have occurred in the past, be ongoing or be about to occur. Whistleblowers are typically individuals who raise concerns about potential wrongdoing in their workplaces, but may include other individuals who have knowledge or evidence of potential wrongdoing within an organization.
By virtue of their employment, some whistleblowers may have inside information about the circumstances and individuals involved in potential misconduct. Confidentiality of the identity of a whistleblower and the information they provide will be maintained by the MFDA to the fullest extent possible.
However, whistleblowers are advised that the MFDA may be required to disclose, produce or share whistleblower information with the Member concerned as well as with other regulatory or law enforcement agencies, during the course of an investigation or disciplinary proceeding or as otherwise required by law.
In 2014, 8 tips from whistleblowers were received, resulting in 4 opened cases.
Mutual Fund Dealers Association – 2015.
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