Ontario Securities Commission: Please Comment on Whistleblower Policy
As we previously advised in February 2015, the Ontario Securities Commission (“OSC“) is seeking input on a proposed Whistleblower Program.
On October 28, 2015, the OSC published its whistleblower policy for comment. The proposed OSC Policy 15-601 Whistleblower Program (the “Proposed Policy“) is designed to encourage reporting to the OSC of misconduct or possible breaches of Ontario securities law.
Under the Proposed Policy, those whistleblowers who satisfy certain stipulated criteria may be eligible for monetary bounties. One moderately surprising development announced through the Proposed Policy is that the maximum monetary award is up to $5 million, which is substantially more than the $1.5 proposed in the earlier OSC Consultation Paper.
We will be conducting a closer review of the Proposed Policy and will provide further updates on material developments.
The OSC’s comment period on the Proposed Policy lasts until January 12, 2016.
by Adam Kline and George Waggott
A Cautionary Note
The foregoing provides only an overview and does not constitute legal advice. Readers are cautioned against making any decisions based on this material alone. Rather, specific legal advice should be obtained.
© McMillan LLP 2015
Insights (5 Posts)
Net Benefit Reviews Under the Investment Canada Act – Some Practical Thoughts
Glencore plc’s recent approaches to the shareholders of Teck Resources has once again brought the Investment Canada Act into the spotlight.
The Bureau Issues Final Enforcement Guidance on the New Criminal Prohibition on Wage-Fixing and No-Poaching Agreements
Providing insights on the Competition Bureau’s 2023 Guidelines describing the Bureau’s approach to wage-fixing and no-poaching agreements.
The EU’s New Carbon Border Adjustment Mechanism in Action: Impacts on Canada and Beyond
The EU's new Carbon Border Adjustment Mechanism will take effect on October 1, 2023. McMillan explores the CBAM and its implications for Canadian trade.
Competition Bureau Challenges Alleged Drip Pricing by Cineplex
The Competition Bureau commenced a proceeding against Cineplex for allegedly engaging in misleading advertising in the form of "drip pricing".
The Present and Future of A.I. Regulation
Join us for a session with industry experts who will share valuable insights into the latest trends and developments in artificial intelligence with a particular focus on regulation.
Get updates delivered right to your inbox. You can unsubscribe at any time.