Hong Lam, a former mutual fund representative, brought a motion to set aside a Mutual Fund Dealers Association of Canada (MFDA) Hearing Panel Order, which had been filed as a Superior Court Order under the amended s. 151 of the Securities Act.
Lam argued the amendment should not apply retrospectively to his pre-enactment conduct and that it impacted his substantive rights.
The MFDA argued it was an immediate application to an ongoing situation or, alternatively, a procedural change.
The MFDA also brought a cross-motion for contempt, alleging Lam concealed property during an examination in aid of execution.
The court dismissed Lam's motion, finding that s. 151 applied immediately to the filing of the Hearing Panel decision, which occurred after the amendment, and was procedural in nature.
The court also dismissed the MFDA's cross-motion for contempt, finding that the MFDA failed to prove concealment beyond a reasonable doubt.
