The Autorité des marchés financiers (AMF), the regulatory and oversight body for Québec’s financial sector, has set up a so-called 'whistle-blower programme.'

The idea is to protect individuals who report wrongdoing and enable the AMF to gather information on offences committed under the laws and regulations it administers.

Louis Morisset, AMF President and CEO, told reporters: “Individuals who want to give us certain information but have hesitated for fear of reprisals can now turn to the programme. We invite them to use our secure whistle-blower channel, which ensures that the information we receive is handled thoroughly and confidentially. Our specialised team is ready to guide whistle-blowers throughout the process and ensure extra protection in the course of ensuing investigations and legal proceedings. Thanks to these whistle-blowers, who without protection measures would not have come forward, we will be able to identify more offences, intervene earlier and minimise the repercussions on victims.”

Under the programme, telltales will benefit from 'informer privilege' as soon as they report wrongdoing. Investigators are trained specifically to respond to the issues faced by informants and make every effort to maintain the confidentiality of the information and the documents they receive, while keeping their identities secret.

The AMF Whistle-blower Programme also contains measures to protect whistle-blowers against reprisal, such as immunity from possible civil suits as a result of their reporting of wrongdoing. To make the programme more effective, the AMF intends to work with the Québec government to apply extra anti-reprisal measures to financial sector law.

As announced last February, the AMF will not offer rewards to whistle-blowers. Further to a review of various efforts to help whistle-blowers around the world, not least in the United Kingdom and Australia, the AMF concluded that it could not be established with certainty that financial incentives generate more reports of wrongdoing to a high standard. It also believes that the key component of any whistle-blowing regime lies in the protection it offers to tell-tales. Senior managers might be well advised to compartmentalise sensitive information to ensure that they always know who is responsible for a leak.