Robert L. Shirriff, Q.C.

The applicant, a former registered representative, sought a hearing and review of a decision by the Investment Dealers Association (IDA) District Council.

The IDA had commenced disciplinary proceedings against the applicant after he resigned his membership.

The applicant argued that the IDA lacked jurisdiction over former members, relying on the Chalmers decision.

The Commission dismissed the application, finding that the IDA's jurisdiction is contractual, not statutory, and that its by-law extending jurisdiction over former members for five years following resignation is valid and does not contravene the Securities Act.

The Commission distinguished Chalmers, noting the IDA is an unincorporated association whose authority derives from contract rather than an enabling statute.

The Ontario Securities Commission approved a settlement agreement between Staff and John Bennett, former CEO and chairman of Bennett Environmental Inc. Bennett admitted to failing to disclose a material change regarding a contract dispute and to authorizing misleading disclosure, contrary to the Securities Act.

The Commission found the agreed sanctions, including a ten-year director and officer ban, a reprimand, a $250,000 administrative penalty, and $50,000 in costs, to be proportionate and in the public interest.