OSC Announces Office of the Whistleblower Launch Date and Appoints Chief
For Immediate Release OSC
TORONTO – The Ontario Securities Commission (OSC) announced today the appointment of Kelly Gorman as Chief of the Office of the Whistleblower, effective immediately. The Office of the Whistleblower will open to receive tips on July 14, 2016.
“The OSC’s Office of the Whistleblower will be the first paid whistleblower program by a securities regulator in Canada and will be headed by Kelly Gorman, an OSC executive with significant experience in securities law enforcement,” said Maureen Jensen, Chair and CEO of the OSC. “Kelly's leadership expertise and oversight of several high-profile enforcement initiatives, as well as her accounting background, make her uniquely suited to lead this investigative multi-disciplinary team.”
The OSC’s Office of the Whistleblower will be the first of its kind for securities regulators in Canada, offering compensation of up to $5 million to whistleblowers who come forward with tips that lead to successful enforcement action. It is expected to increase the effectiveness of the OSC’s enforcement efforts by providing access to high quality information about matters such as insider trading, accounting and disclosure violations and registrant misconduct.
The program provides important whistleblower protections like confidentiality and anti-retaliation provisions. Anti-retaliation provisions, a key feature of the whistleblower program, are expected to be in place by the time of launch.
Ms. Gorman joined the OSC in 2002 and has held several senior roles, most recently serving as Deputy Director of the Enforcement Branch, where she oversaw the development of the OSC’s whistleblower program, led the implementation of the OSC’s no-contest settlement program and oversaw investigation and litigation teams specializing in securities-related misconduct. Ms. Gorman also previously served as the Deputy Director of the OSC’s Corporate Finance Branch. Prior to joining the Commission, Ms. Gorman was responsible for shareholder reporting at a large financial institution. She also held progressively senior roles at the Office of the Superintendent of Financial Institutions. Ms. Gorman completed her Chartered Accountant designation with Ernst & Young.
Media are invited to attend the launch of the Office of the Whistleblower, which will take place on July 14, 2016 from 10:00 a.m. to 11:00 a.m. at the Commission’s offices, located at 20 Queen Street West in Toronto, Ontario. Media availability will follow the launch.
As space is limited, media are asked to confirm attendance in advance by contacting [email protected].
The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices and to foster fair and efficient capital markets and confidence in the capital markets. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at http://www.osc.gov.on.ca
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