The applicant sought to revoke a section 11 investigation order after the Ontario Securities Commission publicly disclosed his compelled testimony in a receivership application without first obtaining a section 17 disclosure order.
The Tribunal held that the Commission is bound by the confidentiality provisions of section 16 and cannot publicly disclose compelled evidence without a section 17 order.
However, the Tribunal concluded that revoking the section 11 investigation order was not an appropriate remedy for the improper disclosure, as the disclosure occurred after the order was issued and revocation would be purely punitive.
