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ARTICLE · 22 APRIL 2015

Whistleblowers To Be Rewarded, Protected Under OSC Proposal

Blake, Cassels & Graydon LLP
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The primary objective of the Program is to motivate individuals with inside knowledge or information relating to possible serious breaches of securities law to share such information with the OSC.

CanadaEmployment and HR
Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
Liam Churchill
Liam Churchill
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Staff of the Ontario Securities Commission (OSC) has released for public comment a consultation paper on a proposed whistleblower program (Program), under which whistleblowers would be eligible for a financial reward of up to C$1.5 million.

The Program, outlined in OSC Staff Consultation Paper 15-401 – Proposed Framework for an OSC Whistleblower Program (Consultation Paper), has five major components: the financial incentive, eligibility criteria for whistleblowers, confidentiality for whistleblowers, protection of whistleblowers and program administration.

The Consultation Paper comment period ends on May 4, 2015.

PURPOSES OF THE PROGRAM

The primary objective of the Program is to motivate individuals with inside knowledge or information relating to possible serious breaches of securities law to share such information with the OSC. The OSC also hopes that the Program, by providing the OSC with high-quality information from knowledgeable individuals,

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