• OSC Releases New Policy for Whistleblower Program for Public Comment
  • November 27, 2015 | Author: Thomas A. Fenton
  • Law Firm: Aird & Berlis LLP - Toronto Office
  • On October 28, 2015, the Ontario Securities Commission (the “OSC”) published Proposed OSC Policy 15-601 Whistleblower Program(the “Policy”), which describes a whistleblower program (the “Program”) designed to 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. The U.S. Securities and Exchange Commission (the “SEC”) launched a whistleblower program in 2011 and it has been more successful than the SEC anticipated, generating 3,600 tips last year alone and paying out more than US$50 million to whistleblowers.