The appellants, a lawyer and his law firm, appealed a Divisional Court decision dismissing their application for judicial review.
They challenged the jurisdiction of the Ontario Securities Commission (OSC) to reprimand the lawyer for allegedly making misleading statements while representing a client.
The appellants argued that such conduct must be dealt with exclusively through quasi-criminal proceedings or by the Law Society.
The Court of Appeal dismissed the appeal, holding that the Securities Act provides the OSC with a flexible range of remedial options, including administrative reprimands under s. 127.
The Court also affirmed that the OSC has jurisdiction to reprimand lawyers acting in their professional capacity, provided that solicitor-client privilege is respected.
