Alexandra Sandel Clark

The appellants appealed the Ontario Securities Commission's (OSC) decisions on the merits and sanctions regarding their conduct in the investment industry.

The Divisional Court held that the standard of review for the OSC's decisions is reasonableness, except for procedural fairness.

The court found that the OSC reasonably excluded fresh evidence, reasonably upheld the Investment Industry Regulatory Organization of Canada's (IIROC) findings on the merits, and conducted a procedurally fair fresh sanctions hearing.

The appeal was dismissed.

The appellants appealed a Divisional Court decision upholding an Ontario Securities Commission order that imposed significant administrative monetary penalties (AMPs) for failing to report insider trades and failing to adequately supervise trading.

The appellants argued that the AMP provision of the Securities Act, which allows fines up to $1 million per infraction, violates s. 11(d) of the Charter because its magnitude constitutes a true penal consequence.

The Court of Appeal dismissed the appeal, holding that the constitutionality of an administrative penalty is assessed based on the actual penalty imposed, not the theoretical maximum.

The court found the fines were proportionate to the regulatory goal of deterring non-compliance in capital markets and did not amount to a penal sanction.

The court also upheld the Commission's findings regarding the appellants' failure to supervise and its consideration of the public interest in determining the sanctions.

The appellants appealed decisions of the Ontario Securities Commission finding that they breached securities laws and acted contrary to the public interest.

The Commission found that the appellant Rowan failed to file insider reports, traded during blackout periods, and failed to disclose his control over certain trust accounts.

The Commission also found that the other appellants failed to adequately supervise Rowan.

The Divisional Court dismissed the appeal, finding no error in the Commission's interpretation of 'control or direction' under the Securities Act, its public interest findings, or its imposition of administrative monetary penalties.

The appellant, a former employee of a Toronto Stock Exchange (TSE) member, appealed a decision of the Ontario Securities Commission (OSC) which upheld a ruling by Market Regulation Services Inc. (RS).

The OSC found that the Universal Market Integrity Rules (UMIR) were enforceable against the appellant for conduct that occurred during his employment, despite his subsequent resignation.

The Divisional Court dismissed the appeal, finding it reasonable for the OSC to conclude that the TSE validly adopted the UMIR and that RS had jurisdiction to discipline former employees for misconduct committed while they were employed by a TSE member.

The Information and Privacy Commissioner moved for an order sealing the private part of its record pending a judicial review application.

The underlying application was brought by a requester seeking access to police and securities commission records regarding allegations of his involvement in organized crime.

The sealing order was not opposed, but the requester's counsel sought access to the sealed record subject to a confidentiality undertaking to prepare for the judicial review.

The police and securities commission opposed access, citing the extreme sensitivity of the intelligence records.

The court granted access to the requester's counsel, finding that the benefit of full and informed submissions outweighed the risks of disclosure, provided counsel signed an expanded undertaking not to act for the client in any other proceeding arising out of the information.

The Canadian Foundation for Children, Youth and the Law brought a motion for leave to intervene as a friend of the court in an appeal concerning the fiduciary obligations of a biological parent to his children.

The moving party sought to make submissions on domestic and international human rights obligations, including the United Nations Convention on the Rights of the Child.

The court granted the motion, finding that the moving party had considerable experience in the subject matter and could place the issues in a slightly different perspective without causing injustice to the responding party.

The appellant prosecutor appealed from the dismissal of an application for certiorari and mandamus after a justice of the peace quashed an information charging an employer with failure to report a workplace accident within three days.

The central issue was whether the reporting breach under s. 21(1) of the Workplace Safety and Insurance Act, 1997 was a continuing offence for limitation purposes under s. 76(1) of the Provincial Offences Act.

The court held that the statutory scheme emphasizes the employer's continuing duty to report, not merely timely reporting, and that the offence continues until the employer complies.

The contrary interpretation would undermine compliance and create an incentive to avoid reporting.

The appeal was allowed, certiorari was granted, and mandamus was unnecessary because the parties had settled.