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OSC Releases Policy for Whistleblower Program for Public Comment

  • Securities - OSC Image

Oct 28, 2015

On October 28, 2015, the Ontario Securities Commission (OSC) published Proposed OSC Policy 15-601, Whistleblower Program, which describes a whistleblower program that would encourage the reporting of serious securities-related misconduct in Ontario to the OSC.

The program would be the first of its kind for securities regulators in Canada, and under the proposed policy, a whistleblower could be awarded up to $5 million upon the final resolution of an administrative matter.

Under the proposed policy, if there is an award eligible outcome, eligible whistleblowers could receive up to a maximum of $1.5 million regardless of whether the OSC recovers sanction monies ordered, and up to a maximum of $5 million if the OSC does recover funds.

The proposed policy also expands the list of persons eligible to be whistleblowers to include Directors and Officers, Chief Compliance Officers, in-house legal counsel and culpable whistleblowers, provided certain additional criteria are met.

Staff are seeking comment on the proposed Policy by January 12, 2016.

The OSC aims to have a whistleblower program in place in the spring of 2016.

Review the press release on the OSC's Web Site.

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