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ARTICLE · 10 FEBRUARY 2015

Blowing The Whistle: The OSC Proposes Canada's First Whistleblower Program

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On February 3, 2015, the Ontario Securities Commission (the "OSC") issued a Consultation Paper1 seeking input on a proposed Whistleblower Program (the "Program").

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On February 3, 2015, the Ontario Securities Commission (the "OSC") issued a Consultation Paper1 seeking input on a proposed Whistleblower Program (the "Program"). The Program follows similar approaches previously adopted by the U.S. Securities Exchange Commission and the Canada Revenue Agency, and is designed to encourage reporting to the OSC of misconduct or possible breaches of Ontario securities law. Reporting will be encouraged through whistleblower protection and financial incentives of up to $1.5 million. The Program would only be applicable to whistleblowers who report serious misconduct that results in an administrative proceeding or settlement pursuant to the Ontario Securities Act2 (the "Act"). If implemented, the Program would be the first of its kind among Canadian securities regulators.

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