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ARTICLE · 16 NOVEMBER 2015

OSC Releases New Policy For Whistleblower Program For Public Comment

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The Program would be the first of its kind for securities regulators in Canada, and under the proposed Policy, a whistleblower could be awarded up to $5 million upon the final resolution of an administrative matter.

CanadaCorporate/Commercial Law
Thomas Fenton
Thomas Fenton
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On October 28, 2015, the Ontario Securities Commission (the "OSC") published Proposed OSC Policy 15-601 Whistleblower Program (the "Policy"), which describes a whistleblower program (the "Program") designed to encourage the reporting of serious securities-related misconduct in Ontario to the OSC. The Program would be the first of its kind for securities regulators in Canada, and under the proposed Policy, a whistleblower could be awarded up to $5 million upon the final resolution of an administrative matter. The U.S. Securities and Exchange Commission (the "SEC") launched a whistleblower program in 2011 and it has been more successful than the SEC anticipated, generating 3,600 tips last year alone and paying out more than US$50 million to whistleblowers.

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