Woman making a frame around the sun with her hands at sunrise
Woman making a frame around the sun with her hands at sunrise
Woman making a frame around the sun with her hands at sunrise

Ontario Securities Commission: Please Comment on Whistleblower Policy

November 2015 Securities Bulletin < 1 read

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

 

 

Related Publications (5 Posts)

Featured Insight

Watch as that Trust is Swept Away

Suppliers and subcontractors in the construction industry should be mindful of a recent unreported decision of the Ontario Superior Court of Justice.

Read More
Jul 30, 2021
Featured Insight

The CSA Comes Full Circle to Protect the Vulnerable

Amended regulations by the CSA for registrants to protect older and vulnerable clients.

Read More
Jul 27, 2021
Featured Insight

The Ontario Court of Appeal Expands the Range of Damages under the Family Law Act for Loss of Care, Guidance, and Companionship

The Ontario Court of Appeal has recently upheld a non-pecuniary damage award from a jury exceeding its previous guidance.

Read More
Jul 27, 2021
Featured Insight

Amended Sanctions by the U.S. Regarding Investments in Certain Companies in China

An Executive Order prohibiting U.S. persons from purchasing securities of certain Chinese Military-Industrial Complex companies becomes effective August 2, 2021

Read More
Jul 26, 2021
Featured Insight

SOFR Fundamentals: What We Know SO-FAR

SOFR is the preferred USD alternative RFR to LIBOR. We discuss what SOFR is, the types of SOFR, conventions for SOFR, and using SOFR in loan agreements.

Read More
Jul 21, 2021