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ARTICLE · 21 JULY 2016

Whistleblower Policy Bulletin - July 15, 2016

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The Ontario Securities Commission's highly publicized Whistleblower Policy (15-601) came into effect July 14, 2016 after an extensive comment period running through much of 2015 and 2016.

CanadaEmployment and HR
Caitlin Sainsbury
Caitlin Sainsbury
Maureen Doherty
Maureen Doherty
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The Ontario Securities Commission's (the "Commission") highly publicized Whistleblower Policy (15-601) (the "Policy") came into effect July 14, 2016 after an extensive comment period running through much of 2015 and 2016.

A key addition has been made to the Policy since it was released for comment. The Policy now references the fact that the Securities Act, R.S.O. 1990 c. S. 5 (the "Securities Act") has been amended to include a provision which (a) acts to protect employees against reprisal from employers, and (b) voids certain contractual provisions which may preclude or purport to preclude whistleblowers from reporting.

Following the U.S. example where the SEC has had a whistleblower program in effect since 2010, the purpose of the Policy is to assist the Commission in identifying and investigating violations of securities and/or derivatives misconduct by offering a financial incentive to whistleblowers who come forward and report instances of misconduct. Also

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