2 total
OSC's order to disclose auditor's compelled documents to investigated corporation was reasonable and in the public interest.
The Ontario Securities Commission (OSC) investigated Philip Services Corporation for inadequate financial disclosures.
During the investigation, the OSC compelled documents and testimony from Deloitte & Touche LLP, Philip's auditors.
The OSC subsequently commenced proceedings against Philip and its officers and ordered the disclosure of the compelled material from Deloitte to Philip, finding it in the public interest to do so.
Deloitte appealed the disclosure order.
The Supreme Court of Canada dismissed the appeal, holding that the OSC's decision to order disclosure was reasonable.
The OSC properly applied the Stinchcombe relevance standard and balanced Deloitte's privacy interests against the respondents' right to make full answer and defence.
OSC order compelling disclosure of auditor's files to respondents in a securities proceeding restored as reasonable.
The Ontario Securities Commission (OSC) appealed a Divisional Court decision that set aside an OSC order requiring disclosure of compelled material to respondents in a s. 127 proceeding.
The material, including audit files and testimony, had been compelled from Deloitte & Touche LLP during an investigation into Philip Services Corp. The Court of Appeal allowed the appeal and restored the OSC's order, finding that the Commission's application of the Stinchcombe relevance standard and its balancing of the public interest against Deloitte's confidentiality expectations were reasonable.
