On Jun. 29, OSC issued report on whistleblower program role.
- Progress report marked two years since the launch of its whistleblower program.
- OSC whistleblower program is first of its kind by a Canadian securities regulator.
- Follows OSC Jul. 2016 whistleblower office begin taking complaints.
Update Report
- Program accepts tips on violations of Ontario securities law and protects tippers.
- Provided compensation of up to $5mn for tips which lead to enforcement action.
- As end-Jun. 2018, office generated 200 tips, an average of about two per week.
- Individuals can submit timely, specific and credible tip on securities-misconduct.
Tips Received
- Tips can be made anonymously via counsel, OSC protect whistleblower identity.
All tips undergo a review process to determine the appropriate course of action. - Currently, 22% of total number of OSC tips received (45), were being reviewed.
- 10% of tips (19) warranted further action by OSC, and referred to Enforcement.
- 35% of tips (68) being shared with another OSC operating branch, or regulator.
Awards
- Awards are paid after cases are concluded and all rights to appeal have expired.
- Investigations and proceedings of securities-related misconduct can be complex.
- These cases may take several years to complete, before an award can be made.
The OSC values whistleblower tips and reviews all, some may not be actionable.
