The respondent, IIROC, brought a motion to quash an application for judicial review commenced by the applicants, an investment dealer and its CEO.
The applicants sought to quash a notice of hearing and other disciplinary steps taken by IIROC.
The Divisional Court granted the motion to quash, finding it plain and obvious that the application could not succeed.
The court held that it lacked jurisdiction under section 2(1) of the Judicial Review Procedure Act because IIROC's disciplinary powers arise from contract, not statute or public authority.
Furthermore, the application was premature as the issues should be determined at first instance by the IIROC Hearing Panel.