The respondent, a former registered representative of the Investment Dealers Association of Canada (IDA), resigned from the IDA.
Over a year later, the IDA instituted disciplinary proceedings against him.
The respondent challenged the IDA's jurisdiction over former members.
The Ontario Securities Commission (OSC) upheld the IDA's jurisdiction, finding that s. 21.1(3) of the Securities Act did not limit disciplinary jurisdiction to current members.
The Divisional Court overturned this decision, finding it unreasonable.
On appeal, the Court of Appeal held that the standard of review for the OSC's decision was reasonableness and that the OSC's interpretation of the Securities Act was reasonable.
The appeal was allowed, and the OSC's decision was restored.
