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No rewards for whistleblowers

  • Securities - AMF Image

Feb 18, 2016

On February 18, 2016, the Autorité des marchés financiers (the “AMF”) announced it does not intend to offer financial rewards to whistleblowers who report violations of the laws administered by the AMF.

The AMF closely monitored the whistleblower programs set up by other organizations and carefully observed the quantitative and qualitative data. Its analysis focused on the rewards-based whistleblower programs offered by the U.S. Securities and Exchange Commission and the Ontario Securities Commission and the non-rewards whistleblower programs offered by the U.K. Financial Conduct Authority and the Australian Securities and Investments Commission. The study’s findings showed that it cannot be established with certainty, based on specific data, that a financial incentive generates more quality whistleblowing.

Instead, the AMF’s research and analysis highlight that the protection of confidentiality is what primarily motivates whistleblowers to report incidents.

Over the coming months, the AMF wishes to promote a whistleblower program that builds on existing measures. The program will enhance the framework for communication of information related to violations of the laws administered by the AMF via, in particular, the implementation of a secure channel.

The information will be referred to and handled directly by a dedicated team trained to address the special issues associated with whistleblowing.

Review the press release on the AMF's Web site.

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