The OSC today published Proposed OSC Policy 15-601 Whistleblower Program, which describes a whistleblower program that would 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.

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“The OSC recognizes that whistleblowers are an incredibly valuable source of information. We are providing strong incentives for them to come forward. Our whistleblower program is well-considered, and we believe it will result in real-time tips on complex securities law matters that may otherwise be difficult for us to detect,” says Howard Wetston, CEO and chair of the OSC.

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The program is expected to increase the effectiveness of the OSC’s Enforcement Program by giving the OSC access to high-quality information about matters, such as insider trading, accounting and disclosure violations and registrant misconduct. The program is also expected to entice companies to self-report wrongdoing to the OSC.

Staff are seeking comment on the proposed policy by January 12, 2016. 

The OSC aims to have a whistleblower program in place in the spring of 2016.

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