The applicants, minority shareholders of Tryp Therapeutics Inc., applied to the Ontario Securities Commission (OSC) and the British Columbia Securities Commission (BCSC) for relief regarding a proposed financing transaction, alleging it was an improper related party transaction and defensive tactic.
They requested a joint hearing before both commissions.
The OSC determined it had the authority to conduct a joint hearing under subsection 3.5(2) of the Securities Act and exercised its discretion to do so, noting that differences in regulatory requirements—specifically Ontario's adoption of MI 61-101, which British Columbia has not adopted—warranted a joint proceeding.
