Home Breadcrumb caret Industry News Breadcrumb caret Industry OSC wants comments on whistleblower program The program would be the first of its kind for securities regulators in Canada. By Staff | October 28, 2015 | Last updated on October 28, 2015 1 min read 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. Read: No-contest settlement still hot-button issue “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. Read: Central banks running out of options 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. Staff The staff of Advisor.ca have been covering news for financial advisors since 1998. Save Stroke 1 Print Group 8 Share LI logo