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ARTICLE · 17 NOVEMBER 2015

OSC Proposes Higher Financial Awards For Whistleblowers

McCarthy Tétrault
McCarthy Tétrault
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The OSC is close to adopting a proposed final version of its previously-announced whistleblowing policy. The Program would award eligible whistleblowers up to $5 million for reporting serious securities- or derivatives-related misconduct that leads to significant enforcement or settlement outcomes.

CanadaCorporate/Commercial Law
Cristian Blidariu
Cristian Blidariu
Shane D'Souza
Shane D'Souza
Andrew Matheson
Andrew Matheson
Rene Sorell
Rene Sorell
Sonia Struthers
Sonia Struthers
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The OSC is close to adopting a proposed final version of its previously-announced whistleblowing policy (the Program). The Program would award eligible whistleblowers up to $5 million for reporting serious securities- or derivatives-related misconduct that leads to significant enforcement or settlement outcomes.

We summarized the original OSC consultation paper in a previous article. The OSC received comments on the consultation paper and also hosted a stakeholder roundtable on the proposals. Reporting issuers will want to re-examine their internal compliance and reporting systems, codes of conduct and employment agreements in light of the proposed program. Key features are summarized below.

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