OSC Whistleblower Program: Definition + Case Study

OSC Whistleblower Program

An OSC tip program that offers financial awards of up to $5 million for information leading to successful securities law enforcement.

Definition

The OSC launched its whistleblower program in July 2016 under OSC Policy 15-601. Eligible whistleblowers who voluntarily provide original information about serious securities law violations can receive a financial award of 5% to 15% of the monetary sanctions collected in the resulting enforcement action, up to a maximum of $5 million per case. To qualify, the information must be original (not already known to the OSC), must lead to a successful enforcement outcome, and the enforcement action must result in sanctions exceeding $1 million. The program includes confidentiality protections: the OSC does not disclose the whistleblower's identity, and Ontario's Securities Act includes anti-retaliation provisions protecting employees who report concerns from employer reprisals. The whistleblower need not be a current or former registrant; any person with credible information may submit a tip. Tips are submitted through the OSC's online submission portal.

Source

OSC Policy 15-601; Securities Act (Ontario) s.121.5 (anti-retaliation); osc.ca whistleblower page

Where this shows up on the CIRE

Outcome 6.5

Test yourself

Two real CIRE-bank questions on this exact outcome. Click to reveal the answer and the rule citation.

1
Under UMIR 10.11, when must a Participant record the required order designations, the identifier of the registered representative, and any special terms of an order?
Outcome 6.5 · click for answer
A.Immediately upon receipt or origination of the order; upon entry on a marketplace, the clearing Participant identifier and marketplace identifier must also be added immediately.Correct
B.At the end of the trading day, in the nightly batch settlement file.
C.Before the close of the trading session on the day the order is received.
D.Within 30 minutes of the order being received, to allow for order routing processing.
UMIR 10.11(1) imposes an immediate recording obligation; audit trail information must be recorded immediately upon receipt or origination of an order, not at end of day or after a processing window. Upon entry of the order on a marketplace, the clearing Participant identifier and marketplace identifier must also be added immediately. The audit trail is a foundational compliance mechanism, and failures to record immediately have attracted significant sanctions because they undermine regulators' ability to reconstruct market activity.
2
Under UMIR 10.10, how often must a Participant calculate aggregate short positions for each security, and what is the filing deadline?
Outcome 6.5 · click for answer
A.Monthly, on the last day of the month; the report is due within 5 business days.
B.Twice monthly; as of the 15th and the last day of each calendar month; the report must be filed with the Market Regulator no later than two trading days following each calculation date.Correct
C.Weekly; the report is due the following Monday.
D.Quarterly; the deadline is 15 calendar days after the quarter ends.
UMIR 10.10(1) requires Participants to calculate aggregate short positions for each individual account in each listed and quoted security as of two dates per month: the 15th day and the last day of each calendar month. The report must be filed with the Market Regulator within two trading days following the calculation date. This twice-monthly reporting provides the market with transparency about short interest levels and allows regulators to monitor for potential short-squeeze risks or coordinated short positions.

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