The Ontario Securities Commission (OSC) recently announced that it will be hosting a roundtable to explore the issues raised in its proposal to implement a whistleblower program. The OSC first published details of the proposed program (the Program) under Consultation Paper 15-401 Proposed Framework for an OSC Whistleblower Program, (the Paper), which outlines the main components of the program, how OSC staff envision it would work, as well as possible issues raised.
The Program is intended to encourage individuals to report breaches of Ontario securities laws and would provide an incentive of up to 15% of the total monetary sanctions imposed on wrongdoers (up to a maximum of $1.5 million) to eligible whistleblowers who provided the OSC with information that leads to administrative proceedings resulting in sanctions of more than $1 million.
The Program would also protect whistleblower confidentiality and include anti-retaliation measures to deter employers from acting against employees.
Simon Romano and Jeffrey Singer – CANADIAN SECURITIES LAW – STIKEMAN ELLIOT – APRIL 17, 2015.
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