OSC Releases Further Changes To Proposed Whistleblower Program

On October 28, 2015, the Ontario Securities Commission (OSC) released further changes to its proposed whistleblower program. The main changes relate to eligibility of whistleblowers, financial incentives, and the role of internal whistleblower programs.

Background

On February 3, 2015, the OSC released its Staff Consultation Paper on the Proposed Framework for an OSC Whistleblower Program. In response, the OSC received comment letters and obtained feedback through a public roundtable discussion. After considering this feedback, the OSC has now issued a draft Whistleblower Policy and a request for further comments. The draft Whistleblower Policy differs from the Staff Consultation Paper in three primary areas: whistleblower eligibility, financial incentives, and the role of internal whistleblower programs.