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ARTICLE · 20 FEBRUARY 2019

Several Common Employment Agreement Provisions Violate The Securities Act

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In July 2016, the Ontario Securities Commission (OSC) launched its Whistleblower Program.

CanadaEmployment and HR
Omar K. Madhany
Omar K. Madhany
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In July 2016, the Ontario Securities Commission (OSC) launched its Whistleblower Program — the first of its kind in Canada. Under the Whistleblower Program, the regulator promised to pay up to $5 million to anyone who submitted a report of potential misconduct that led to an OSC enforcement action.

Since the Program's launch, however, the impact of its rules on employment agreements (contained in section 121.5(3) of the Securities Act) has gone overlooked. Modelled after similar U.S. rules adopted by the Securities and Exchange Commission (SEC), the OSC's rules automatically void employment agreement provisions to the extent that they preclude employees from communicating with regulators about potential securities law violations.

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