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ARTICLE · 26 APRIL 2023

OSC's Whistleblower Program Has Awarded Over $9.33 Million Since 2016

Osler, Hoskin & Harcourt LLP
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It has always been a challenge for capital market enforcers to muster sufficient information about potential market wrong-doing.

CanadaEmployment and HR
Lawrence Ritchie
Lawrence Ritchie
Hannah Davis
Hannah Davis
Sierra Farr
Sierra Farr
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It has always been a challenge for capital market enforcers to muster sufficient information about potential market wrong-doing. This challenge has encouraged the proliferation of formal "whistleblower" protections and incentives within regulators' enforcement toolbox. Some of these incentives are not without their critics, particularly in their use of "bounties," as we discussed in this 2016 blog post. However, it is clear that these incentives have become an effective and important support to those enforcing capital markets rules and mandates.

On March 9, 2023, the Ontario Securities Commission (the OSC) released an update on its Whistleblower Program (the Program). The Program has been in place since 2016, and is the first and only paid program of its kind run by a Canadian securities regulator. We have previously written about the Program's inception as well as the 2018 and 2020 Program updates. Pursuant to the Program, whistleblowers who submit original

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