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Dollars for disclosures: The OSC’s Office of the Whistleblower raises the stakes for internal reporting and investigations

Published on: Sep 22, 2016

On July 14, 2016, the Ontario Securities Commission (OSC) officially launched the Office of the Whistleblower, the first paid whistleblower program by a securities regulator in Canada. The program provides paid compensation of up to $5 million to individuals who provide original information about violations of Ontario's securities laws that lead to enforcement penalties of at least $1 million. Coupled with new laws aimed at bolstering whistleblower protection, the OSC has created new incentive for individuals with relevant knowledge to come forward.

Furthermore, recent amendments to Ontario's Securities Act include the addition of anti-reprisal measures designed to protect employee whistleblowers from employer retaliation, creating renewed incentive for individuals with relevant knowledge to come forward.

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