OSC Announces Launch Date For Its Whistleblower Program

In a much-anticipated announcement, the Ontario Securities Commission said on June 16^th that it will officially launch its rewards-based Whistleblower Program on July 14, 2016, less than a month from now. The newly-created Office of the Whistleblower will be open and ready to receive tips on that date. The OSC release noted that Kelly Gorman, currently Deputy Director of the OSC's Enforcement Branch, will head up the program.

Osler has written extensively on the OSC's proposed Whistleblower Program and the significant impact it will have on businesses, including their management and directors, in-house counsel and compliance personnel. While the final terms of the Program have not yet been released, the key elements of the Program are unlikely to change significantly from the most recent proposal. In particular, the OSC's June 16^th press release confirmed that the regulator will offer compensation up to $5-million to whistleblowers who come forward with tips that