Commenters Reiterate Concerns About OSC's Proposed Whistleblower Program

In the second round of public comments on the Ontario Securities Commission's (OSC) proposed whistleblower program (Program), stakeholders expressed continued concerns that the Program, as outlined in OSC Policy 15-601 Whistleblower Program (Policy), would undermine internal reporting mechanisms and also expressed concerns about the amount and structure of the award payment.

The proposal to allow certain categories of individuals to receive monetary awards, such as issuer internal and external counsel, audit staff and employees who were involved in the wrongdoing, also attracted attention in comment letters.

Last month, the recently-appointed chair of the OSC indicated that the Program was expected to receive final approval in June and to be operational by early summer.