On September 23, 2020, the SEC voted (by a vote of three to two) to adopt amendments to the rules related to its whistleblower program. The program provides for awards in an amount between 10% and 30% of the monetary sanctions collected in the SEC action based on the whistleblower's original information. It is widely acknowledged that the program, which has been in place for about ten years, has been a resounding success. According to the press release, since inception, the SEC has obtained over $2.5 billion in financial remedies based on whistleblower tips. Most of those funds have been, or are scheduled to be, returned to affected investors. In addition, since inception, the SEC has awarded approximately $523 million to 97 individuals in whistleblower awards, with the five largest awardstwo at $50 million, and one each at $39 million, $37 million and $33 millionmade in the past three and a half years.

Why did the SEC amend the whistleblower program?

Do you think the Ontario Securities Commission should make similar amendments?

Refer to a whistleblowing case in your Day Three materials to illustrate your answer?