We encourage individuals to come forward with information about possible violations of Ontario securities law that have occurred, are ongoing, or are about to occur.
Who can be a whistleblower
A whistleblower can be an individual, or a group of individuals acting jointly, who:
- are aware of, or suspect, a violation of Ontario securities law; and
- voluntarily come forward and report that information using the Whistleblower Submission Form ( online or by mail).
Potential whistleblowers may include employees, former employees, suppliers, contractors, clients and others.
Individuals or groups of individuals who have been involved in the misconduct can still be whistleblowers. Such culpable whistleblowers may still be eligible for a whistleblower award.
Businesses or organizations cannot be whistleblowers.
Types of misconduct to report
Some examples of breaches of Ontario securities law are listed below , though this is not an exhaustive list. We also welcome submissions on other types of securities-related misconduct.
Illegal insider trading and/or tipping may refer to a person or company buying or selling securities of an issuer while the person or company is in a special relationship with the issuer and has knowledge of material, non-public information about the issuer. These violations may also include tipping, that is, informing another person or company of such information about an issuer while in a special relationship with that issuer, and may also include trading based on a tip.
Some examples of persons in a special relationship with an issuer include insiders, directors, officers or employees of the issuer and persons or companies engaging in, or considering whether to engage in, business activities with the issuer.
Fraud is engaging in acts of deceit, falsehoods, or other dishonest conduct which result in financial deprivation.
Corporate disclosure and/or financial statements generally involves a reporting issuer that fails to provide timely, accurate and complete information in its disclosure documents, including, for example, in the financial statements, management's discussion & analysis and management information circulars.
Illegal distribution and/or unregistered trading generally involves the sale or attempted sale of securities to investors without complying with registration, trading and disclosure requirements under securities law. Examples include trading without being registered or without being exempt from registration, and issuing securities without filing a prospectus or without an exemption from the requirement to file a prospectus.
- Illegal Insider Trading and/or Tipping
- Corporate disclosure and/or financial statements
- Illegal distribution and/or unregistered trading
Click on a type of misconduct to see a definition.
Anonymous submissions (optional)
If you prefer to report anonymously, you must be represented by a lawyer. Your lawyer will need to complete, sign and submit the Whistleblower Submission Form and related documents on your behalf. This process is detailed in the Protections section.
How to become a whistleblower
You (or your lawyer, if acting anonymously) must first complete a Whistleblower Submission Form and submit it to the OSC's Office of the Whistleblower, either online or by mail.
The information provided on this page is intended to provide a general summary of certain key features of the OSC Whistleblower Program. It does not purport to be a complete or comprehensive discussion of all aspects of the Whistleblower Program, is not legal or other professional advice, and should not be relied upon or regarded as a substitute for legal or other professional advice. For detailed information about the Program, including eligibility requirements and certain limitations that apply, we recommend that you read the full text of the official OSC Whistleblower Policy: OSC Policy 15-601 - Whistleblower Program.