Derek J. Ferris

The Divisional Court issued supplementary reasons to clarify its earlier decision partially allowing the appellant's appeal from an Ontario Securities Commission decision.

The original appellate decision set aside specific ten-year bans and an administrative penalty, remitting them for a fresh determination.

Upon request for clarification, the Court agreed with the parties that the remedy should apply to all ten-year bans imposed on the appellant.

The earlier decision was amended to set aside all such bans and remit them to the Commission.

The appellants appealed three decisions of the Ontario Securities Commission regarding a sanctions hearing.

After a merits hearing found the appellants contravened the Securities Act, the terms of the presiding panel members expired.

The OSC appointed a new panel for the sanctions hearing.

The appellants argued the original panel's terms were deemed extended under s. 4.3 of the Statutory Powers Procedure Act.

The Divisional Court dismissed the appeal, holding that the OSC's interpretation of its own procedures and the SPPA—that the merits and sanctions hearings were separate—was reasonable.

The court also upheld the admission of merits hearing transcripts and the ultimate sanctions imposed.

The appellant appealed a decision of the Ontario Securities Commission finding him liable for unregistered and illegal trading of securities and imposing sanctions.

The Divisional Court upheld the Commission's findings on liability, concluding it was reasonable to find the appellant engaged in acts furthering trade and received commissions.

However, the court found the Commission erred in its sanctions analysis by misapprehending the timing of a previous ban imposed on the appellant in Alberta.

The appeal was allowed in part, with the trading bans and administrative penalty set aside and remitted to the Commission for a fresh determination.

The appellants/applicants sought to appeal and judicially review an interlocutory decision of the Ontario Securities Commission regarding the composition of a panel for a sanctions hearing.

The Divisional Court dismissed the appeal for lack of jurisdiction under s. 9(1) of the Securities Act, which only permits appeals from final decisions.

The application for judicial review was quashed as premature, as the procedural fairness and jurisdictional issues could be raised after the final decision.