15-601, OSC Policy - Whistleblower Program
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Effective date: |
The OSC’s Office of the Whistleblower will be open to receive tips on July 14, 2016 |
Overview
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
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Date |
Development |
Comments |
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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. |
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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. |
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Note: The above summary of Recent Developments does not include consequential amendments made as the result of other projects. |
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Amendments under consideration
- None
