On July 16, 2016, the Ontario Securities Commission (OSC)
announced the launch of its Office of the Whistleblower. This is
the first paid whistleblower program by a securities regulator in
Canada. Subject to eligibility requirements, whistleblowers could
receive an award of between 5% and 15% of the total sanctions
imposed and/or voluntary payments made in an administrative
proceeding brought as a result of information from a whistleblower.
The total of the sanctions and/or voluntary payments must exceed
CA$1 million. The maximum award to a whistleblower is CA$5
Certain individuals may be ineligible for an award. For example,
a lawyer or auditor may be ineligible if the lawyer or auditor
obtained information in connection with providing legal services or
an internal audit or external assurance mandate and the disclosure
would violate professional obligations. Other examples of
ineligible individuals include directors, officers and Chief
Compliance Officers of an entity that is the subject of the
There is no requirement that whistleblowers report violations
through internal compliance programs (although the OSC encourages
internal reporting). Although the OSC will endeavour to keep the
identity of the whistleblower confidential, including in response
to an access to information requires, the OSC has been careful not
to guarantee confidentiality and the OSC will require verification
of identity prior to payment in order to ensure the whistleblower
is not ineligible. The Ontario Securities Act (s. 121.5) prohibits
reprisals by an employer against an employee.
Dentons is the world's first polycentric global law firm. A
top 20 firm on the Acritas 2015 Global Elite Brand Index, the Firm
is committed to challenging the status quo in delivering consistent
and uncompromising quality and value in new and inventive ways.
Driven to provide clients a competitive edge, and connected to the
communities where its clients want to do business, Dentons knows
that understanding local cultures is crucial to successfully
completing a deal, resolving a dispute or solving a business
challenge. Now the world's largest law firm, Dentons'
global team builds agile, tailored solutions to meet the local,
national and global needs of private and public clients of any size
in more than 125 locations serving 50-plus countries.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances. Specific Questions relating to
this article should be addressed directly to the author.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
Ten days following the election, join us for a discussion with Gary Doer, former Canadian Ambassador to the US, and Gordon Giffin, US Ambassador to Canada under Bill Clinton, to discuss how the new President and Congressional makeup will shape US-Canada relations for years to come.
On November 8, 2016, the United States will go to the polls to elect their 45th president. Whether it is Hillary Clinton or Donald Trump, this decision will profoundly shape American policy for the next four to eight years. As our largest trading partner and neighbour to the south, the next US administration will influence a broad range of policy issues that directly impact Canada. These include the future of NAFTA and the TPP, the Arctic and geo-politics, the renewal of the Softwood Lumber Agreement, and the energy sector.
On Thursday, September 22, 2016, Dentons hosted a panel discussion about the management of liabilities and risks associated with environmental crises, including potential liabilities for directors and officers and provided insight into risk and liability techniques associated with environmental crisis management.
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).