The Ontario Securities Commission found the respondent guilty of insider trading and imposed a 15-year suspension of his registration, along with a costs award of $186,052.30.
The Divisional Court upheld the liability finding but reduced the suspension to four years and remitted the costs award with specific procedural instructions.
The Court of Appeal allowed the Commission's appeal, restoring the 15-year suspension on the basis that the Commission's decision was reasonable and entitled to deference.
The Court of Appeal also remitted the costs issue to the Commission, but without the Divisional Court's specific procedural instructions, requiring only that the process be fair.
