Graeme Hamilton

Binance Holdings Limited applied to the Capital Markets Tribunal under s. 144(1) of the Securities Act to revoke an investigation order issued by the Ontario Securities Commission under s. 11.

The Tribunal directed a preliminary hearing on whether it had jurisdiction to grant the relief sought.

Applying principles of statutory interpretation, the Tribunal concluded that the 2022 amendments to the Securities Act separated the Commission's executive and adjudicative functions, and that the word 'Commission' in s. 144(1) does not include the Tribunal.

Consequently, only the Commission, exercising its executive function, can revoke its own s. 11 order.

The application was dismissed for lack of jurisdiction.

The Ontario Securities Commission approved a settlement agreement between Staff and Home Capital Group Inc. (HCG) and three of its former executives.

The respondents admitted to misleading investors by failing to timely disclose the termination of several brokers and brokerages due to falsified loan applications, which caused a decline in mortgage originations.

The settlement included a $10 million payment by HCG for the benefit of a proposed class action, $500,000 in costs, and administrative penalties totaling $2 million against the individual respondents, who were also reprimanded and prohibited from acting as directors or officers of reporting issuers for varying periods.

The applicants requested a review of a Financial Services Tribunal decision that ordered the revocation of their mortgage broker and brokerage licences for providing false documents to a bank.

The Tribunal denied the request for review, finding that the applicants failed to meet the threshold test of providing new evidence or arguments not reasonably available at the time of the original hearing, and were merely attempting to reargue their case.