The Ontario Securities Commission ("OSC") has proposed a new incentivized Whistleblower Program in an effort to motivate individuals with inside knowledge or information relating to a possible breach of securities law to come forward and share such information with the OSC. An eligible whistleblower could receive a financial award of up to $1.5 million. A similar program has operated in the United States since 2011. We will be monitoring developments in Alberta and British Columbia to see if regulatory authorities in these jurisdictions propose their own new incentivized Whistleblower Program. This Ontario proposal can impact companies and individuals in the oil and gas industry in instances where violations of Ontario securities laws occur. Further detail on this new proposed Whistleblower Program is contained in the recently published February 2015 BLG Securities and Capital Markets Bulletin.
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