OSC Proposes Large Financial Awards For Whistleblowers

The Ontario Securities Commission (OSC) is inviting comment on a proposed comprehensive whistleblowing program (Program) which would award eligible whistleblowers up to $1.5 million for reporting securities law misconduct that leads to significant enforcement or settlement orders. 

Until May 4, 2015, the OSC will be accepting comments on the consultation paper and will host a roundtable with various stakeholders to discuss the proposals. Before any whistleblowing framework comes into effect, the OSC will first need to publish a final set of proposals, which would also be subject to a public comment period.

The Program has five key features:

1. Financial award: A discretionary financial award of up to $1.5 million would be offered to eligible whistleblowers who provide quality information that leads to certain significant enforcement outcomes.