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ARTICLE · 12 MARCH 2019

OSC's $7.5 Million Whistleblower Awards A First For Canada

McCarthy Tétrault
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The OSC announced this week that it has awarded a total of $7.5 million to three whistleblowers on separate matters. These awards are the first of their kind ...

CanadaEmployment and HR
Canadian Securities Regulatory Monitor
Canadian Securities Regulatory Monitor
Cristian Blidariu
Cristian Blidariu
Shane D'Souza
Shane D'Souza
Andrew Matheson
Andrew Matheson
Sean Sadler
Sean Sadler
René Sorell
René Sorell
Author LinkedIn connections

The OSC announced this week that it has awarded a total of $7.5 million to three whistleblowers on separate matters. These awards are the first of their kind by a Canadian securities regulator and were made under the OSC's Whistleblower Policy which we discussed in previous articles here and here.

Under the OSC's Policy, eligible whistleblowers may be awarded up to $5 million for reporting serious securities- or derivatives-related misconduct that leads to significant enforcement or settlement outcomes.

Under the Policy, the OSC makes all reasonable efforts to ensure whistleblower confidentiality so the identity of the three whistleblowers, what each whistleblower received, and the related enforcement proceeding were not disclosed. Nonetheless, based on the features of the Policy and given the $7.5 million aggregate amount of the awards, certain deductions can be made regarding the three matters that may have led to the awards.

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