On December 9, 2021, the Ontario government proclaimed in force amendments to the Financial Services Regulatory Authority of Ontario Act, 2016 (the FSRA Act), to provide protection for persons or entities who report suspected contraventions of Ontario pension law (or law applicable to any other sector regulated by the Financial Services Regulatory Authority of Ontario (FSRA)). This is the first time that whistleblower provisions have been introduced into legislation governing Ontario's pension regulator and such provisions could result in an increase in regulatory investigations by FSRA, based on the experience of other regulated sectors where similar provisions have been adopted.

Who is a whistleblower?

Under the amendments, a person or entity is afforded protection or is a "whistleblower" if:

• such person or entity discloses to the Chief Executive Officer of FSRA (the CEO), in good faith, an alleged or intended contravention of the Ontario Pension Benefits Act (PBA) or such other statute listed in or prescribed under the definition of "regulated sector" in the FSRA Act;
• the person or entity requests that their identity as a whistleblower be kept confidential; and
• the CEO provides the person or entity with an assurance of confidentiality.

Requirement of confidentiality

The amendments require the CEO to keep confidential and not disclose the identity of a whistleblower, which includes any information or record that may reasonably be expected to reveal the identity of a...

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