The Ontario Securities Commission (“OSC”), Canada’s largest securities regulator, has proposed establishing its own whistleblower program for individuals to report suspected securities fraud, marking Canada’s first foray into establishing such a system. As reported in prior bulletins, the OSC is prepared to make payments of up to $5 million for whistleblowers who supply information which leads to successful prosecutions. This is likely to have implications for how Canadian listed companies deal with their employees. Jensen has said that the program is expected to get final approval in June 2016.
By: George Waggott
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