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Motion for further record of proceedings in judicial review of a regulation dismissed.
The applicant, Valero Energy Inc., brought a motion in its application for judicial review seeking an order to compel the respondents to produce a further record of proceedings, including internal Cabinet and Ministerial documents.
The underlying application challenges a regulation imposing domestic renewable content requirements for fuels.
The Divisional Court dismissed the motion, finding that the Judicial Review Procedure Act does not require a record of proceedings for a challenge to a regulation, as making a regulation is not a 'statutory power of decision'.
The court declined to exercise its inherent jurisdiction to order production, noting that judicial review of a regulation is a limited exercise in statutory interpretation and does not afford a right to documentary discovery.
Temporary cease trade order extended; issuer selling debentures found to be unregistered market intermediary.
Staff of the Ontario Securities Commission brought a motion to extend a temporary cease trade order against Momentas Corporation and its principals.
Momentas had been raising capital by selling convertible debentures to accredited investors to fund its automated equity trading system and foreign currency trading.
The Commission found that Momentas was acting as a market intermediary because it employed a significant sales force to sell its own securities and used the proceeds to trade professionally for the indirect benefit of its investors.
As a market intermediary, Momentas could not rely on the accredited investor exemption and was required to be registered.
The Commission extended the temporary cease trade order pending the hearing on the merits, with limited carve-outs allowing Momentas to continue developing its trading system and to close out foreign currency positions.
