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BULLETIN #0719-E
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Shaun Devlin

Senior Vice President, Member Regulation, Enforcement

(416) 943-4672

sdevlin@mfda.ca

BULLETIN #0719-E

20 April, 2017

Enforcement

For Distribution to Relevant Parties within your Firm

MFDA Whistleblower Program

MFDA Member employees and other individuals are reminded that the MFDA maintains a Whistleblower Program. The MFDA Whistleblower Program, which was launched in 2014, receives 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 or Policies or Canadian securities law requirements.

 Tips and information from whistleblowers help the MFDA to identify potential fraud and other misconduct and take the necessary regulatory action against responsible parties earlier than otherwise possible in an effort to minimize harm, or the risk of harm, to the public. This advances the MFDA’s mandate to enhance investor protection and strengthen public confidence in the Canadian mutual fund industry.

 MFDA Member employees are advised that the Securities Act (Ontario) (the “Act”) offers protections for whistleblowers. The Act prohibits reprisals against employees for providing information to a recognized self-regulatory organization, which includes the MFDA, concerning a contravention of a regulatory instrument, which includes MFDA By-laws, Rules, Policies and Ontario securities law requirements. The Act also provides this same protection for employees of MFDA Members involved in an investigation or proceeding related to the information provided.

Please visit the MFDA Whistleblower Program webpage at http://mfda.ca/members/whistleblower-program/ for more information. This webpage provides discussions on the following:  who qualifies to be a whistleblower; the issue of confidentiality of the identity of a whistleblower and the information they provide; and contact details of the MFDA Whistleblower Team.

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