The Whistleblower regime of the Ontario Securities Commission (the OSC) has been updated to provide a civil cause of action for whistleblowers who experience reprisal for cooperating with the OSC. For a summary of the current regime, see our previous article.
New Statutory Cause of Action for Whistleblowers
Currently, the OSC expects that employers will not discipline, demote, terminate, harass or otherwise retaliate against a whistleblower who has made a report either “up the ladder” internally or directly to regulators. The OSC also expects employers not to take action, through contractual agreement (including confidentiality agreement) or otherwise, … Continue Reading
On June 20, 2016, the Autorité des marchés financiers (the “AMF”), Quebec’s financial services regulatory authority, launched its Whistleblower Program. Individuals who have information about offences that have been committed contrary to the laws and regulations administered by the AMF, including the Securities Act, the Derivatives Act and others, may report such wrongdoing under the Whistleblower Program.
The major features of the program are:
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- Confidentiality – The AMF makes every effort to keep the whistleblower’s identity and the information they provide confidential;
- No reprisal – An employer is prohibited from firing, demoting or otherwise adversely affecting
The OSC is close to adopting a proposed final version of its previously-announced whistleblowing policy (the Program). The Program would award eligible whistleblowers up to $5 million for reporting serious securities- or derivatives-related misconduct that leads to significant enforcement or settlement outcomes.
We summarized the original OSC consultation paper in a previous article. The OSC received comments on the consultation paper and also hosted a stakeholder roundtable on the proposals. Reporting issuers will want to re-examine their internal compliance and reporting systems, codes of conduct and employment agreements in light of the proposed program. Key features are summarized … Continue Reading