The applicants sought leave to appeal from convictions entered by Justice Charney on May 15, 2018, under the Provincial Offences Act.
The motion judge granted leave to appeal, finding that the applicants satisfied the high test for granting leave.
The appeal raises two main issues of public importance: the interpretative principles to be applied to determine whether an instrument is a "security" within the meaning of the Ontario Securities Act, and whether a loan agreement of the type in the present case constitutes a "security".
These issues engage broader public interests regarding the regulatory reach of the Ontario Securities Act.
