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ARTICLE · 27 MARCH 2015

OSC Proposes A Whistleblower Program For Market Participants

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On February 3, 2015, the Ontario Securities Commission released OSC Staff Consultation Paper 15-401 - Proposed Framework for an OSC Whistleblower Program .

CanadaCorporate/Commercial Law
Corey Yermus (Articling Student)
Corey Yermus (Articling Student)
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On February 3, 2015, the Ontario Securities Commission (the "OSC") released OSC Staff Consultation Paper 15-401 - Proposed Framework for an OSC Whistleblower Program (the "Program") aimed at encouraging individuals with knowledge of possible breaches of Ontario securities law ("Whistleblowers") to report them to the OSC.

To qualify for a reward, the information provided must result in an administrative proceeding or settlement with the OSC. The Program is similar to the U.S. Securities and Exchange Commission's whistleblower program, as well as the programs adopted in the United Kingdom and Australia.

Financial Incentive

The financial incentive being offered is up to 15% (subject to a cap of $1,500,000) of the total monetary sanctions or settlement exceeding $1,000,000, excluding costs. It is at the discretion of the OSC to determine the amount awarded. The reward is not contingent on the OSC actually recovering the monies, only that a sanction or settlement is

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