whistleblower

When it comes to whistleblowers, the OSC wants to make clear that in-house counsel aren’t eligible for rewards.

Read: How to blow the whistle

The commission has published a proposed change to its whistleblower program, with a 60-day comment period.

The whistleblower program already excludes those who obtained information while providing legal services to the subject of the whistleblower submission, but there are exceptions for in-house counsel.

The exceptions existed for situations where in-house counsel acted outside their legal capacity, the OSC says in its proposal. But it’s moving to clarify the rules by omitting the category of in-house counsel from the exceptions altogether.

Further, the proposed change clarifies that in Ontario, in-house counsel acting in a legal capacity are ineligible for a whistleblower award because of lawyer-client confidentiality.

Comments can be submitted in writing to Grace Knakowski, OSC secretary, by emailing comments@osc.gov.on.ca by Mar. 20.

For full details, read the proposal.

Also read:

OSC whistleblower program less than meets the eye

When the wrong thing is legal, what’s an investor to do?

Originally published on Advisor.ca
Add a comment

Have your say on this topic! Comments are moderated and may be edited or removed by
site admin as per our Comment Policy. Thanks!