Newly Introduced OSC Whistleblower Program Receives Over 30 Tips Since Coming Into Effect

The Ontario Securities Commission (the "OSC") has now reported that in the month and a half since its rollout, its Office of the Whistleblower has received more than 30 tips reporting potential violations of securities laws. Although the OSC's "bounty for tips" Program is still in its early days, it appears that it has already generated significant take-up among would-be whistleblowers seeking a payout. The largest Canadian securities commission hopes that the numbers demonstrate the potential for the Whistleblower Program to lead to an increasing number of enforcement proceedings. The Program and the high level of interest it has generated underscore the need for companies to take proactive steps to detect and manage internal problems before they become the subject of a tip reported by a whistleblower through the Program's hotline.