Canada's largest securities regulator continues to move to
implement its whistleblowing program, and investors and market
participants should take note. The experience of whistleblowing
initiatives at the SEC, required by the post-meltdown
Dodd-Frank Act, should provide some guidance and
insights.
As previously written, the Ontario Securities Commission
unveiled its current proposal for a Whistleblower Program
last month, which aims to encourage reporting of securities law
violations and enhance securities enforcement efforts. The
regulator aims to have the program, which would be the first of its
kind in Canada, in place for Spring 2016. The proposed
Whistleblower Program reflects changes made to a previous version of the proposal after
consideration of public comments, including comments from Osler. Released on October 28,
2015, the OSC's current proposal is still in its draft form and
is open for public comment for 60 days.
