The moving parties brought a motion challenging the jurisdiction of a single Commissioner to complete a sanctions hearing after the term of the other panel member expired.
The moving parties argued that proceeding before a single member violated the audi alteram partem principle and the quorum requirements of the Securities Act.
The Commission dismissed the motion, finding that section 4.4(1) of the Statutory Powers Procedure Act permits the remaining member to complete the hearing and give a decision, and that section 32 of the SPPA resolves any conflict with the Securities Act's quorum requirements in favour of the SPPA.
