15-601, OSC Policy - Whistleblower Program

Effective date:

The OSC’s Office of the Whistleblower will be open to receive tips on July 14, 2016


OSC Policy 15-601 , Whistleblower Program (the Policy) was developed after extensive stakeholder consultation and will be the first paid whistleblower program by a securities regulator in Canada.

The Policy sets out key details of the program, including the type of information that may result in a whistleblower award; the criteria that would make an individual eligible for an award; and the factors to be considered in determining the amount of an award.  Under the 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 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.

Of note, the Whistleblower Program provides important whistleblower protections like confidentiality and anti-retaliation provisions.

Recent developments




July 14, 2016

The OSC’s Office of the Whistleblower will open to receive tips

Kelly Gorman was appointed by the OSC as Chief of the Office of the Whistleblower on June 16, 2016.  See press release.

October 4, 2018

Policy amendment

The Policy was amended to clar­ify that in-house coun­sel who re­port in­for­ma­tion un­der the Pol­icy in breach of ap­plic­a­ble provin­cial or ter­ri­to­r­ial bar or law so­ci­ety rules or equiv­a­lent rules ap­plic­a­ble in an­other ju­ris­dic­tion will not be el­i­gi­ble for a whistle­blower award. The amendment is effective immediately.

Note: The above summary of Recent Developments does not include consequential amendments made as the result of other projects.

Amendments under consideration

  • None

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.