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AMF Whistleblower Program [Completed]

Issued: June 20, 2016

Last updated:

June 2016



On June 20, 2016, the Autorité des marchés financiers (the “AMF”) launched its Whistleblower Program, intended to better protect individuals who report wrongdoing and enable the AMF to gather information on offences committed under the laws and regulations it administers.

Under the Program, whistleblowers benefit from informer privilege as soon as a wrongdoing is reported. Investigators are trained specifically to respond to the issues faced by whistleblowers and make every effort to maintain the confidentiality of the information and the documents received, as well as the whistleblower’s identity.

The AMF Whistleblower Program also contains measures to protect whistleblowers against reprisal, such as immunity from possible civil suits as a result of their reporting of wrongdoing. To strengthen the program’s effectiveness, the AMF intends to work with the Québec government to propose additional anti-reprisal measures in financial sector legislation.

As announced in February 2016, the AMF will not offer rewards to whistleblowers. Further to a review of various whistleblower programs around the world, including in the United Kingdom and Australia, the AMF concluded that it cannot be established with certainty that financial incentives generate more quality reporting of wrongdoing, and that the key component of any whistleblower program is in fact the protection offered to whistleblowers.

For further details of the Program refer to the AMF website

Re­cent ac­tiv­i­ties

June 2016

On June 20, 2016, the AMF announced the launch of its Whistleblower Program.  See the related press release.

February 2016

On February 18, 2016, the AMF announced that, further to a thorough and rigorous analysis, it does not intend to offer financial rewards to whistleblowers who report violations of the laws administered by the AMF.  See the related press release.



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