Dollars for disclosures
The OSC’s Office of the Whistleblower raises the stakes for internal reporting and investigations.
On July 14, 2016, the Ontario Securities Commission (OSC) followed in the footsteps of the U.S. Securities and Exchange Commission (SEC) and officially launched the Office of the Whistleblower, a program that provides paid compensation of up to $5 million to individuals who provide original information about violations of Ontario’s securities laws that lead to enforcement penalties of at least $1 million. Coupled with new laws aimed at bolstering whistleblower protection, the OSC has created renewed incentive for individuals with relevant knowledge to come forward.
How can affected organizations prepare?