The appellant challenged summary judgment enforcing a disciplinary costs award made by a securities self-regulatory organization after professional misconduct proceedings.
The issue was whether the organization could sue a former member in breach of contract to recover the unpaid costs award, and whether s. 9 of the Recognition Order barred that remedy by treating costs like fines or settlements.
The court held that prior authority recognizing contractual enforcement of disciplinary sanctions applied equally to costs awards, and that the plain wording of s. 9 was limited to fines and settlements.
The appeal was dismissed and appeal costs were awarded to the respondent.
