The applicant, acting as receiver and manager of a company, applied under s. 17(1) of the Securities Act for an order permitting the use of transcripts of compelled testimony in civil proceedings against the company's former auditor.
The Commission dismissed the application, holding that the public interest under s. 17 relates to balancing the integrity of the investigative process and the privacy of those investigated, and does not include facilitating civil actions by investors.
The Commission also confirmed that the applicant could ask relevant questions in the civil proceedings provided the transcripts were not used or referenced.
