2 total
The Court of Appeal dismissed a motion to quash, ruling that an order compelling financial disclosure is final.
The moving parties sought to quash an appeal of an application judge's order that had granted their application under the Limited Partnerships Act to compel the responding parties to provide financial information.
The moving parties argued the order was interlocutory and therefore not appealable.
The Court of Appeal held that the application judge's order was final, as it brought the application to an end and finally determined the moving parties' entitlement to financial information.
The motion to quash was dismissed with costs.
Director's refusal to issue prospectus receipt for bitcoin investment fund set aside.
The Applicants sought a hearing and review of a decision by the Director of the Ontario Securities Commission refusing to issue a receipt for The Bitcoin Fund's prospectus.
The Director had refused the receipt on the grounds that bitcoin is an illiquid asset under NI 81-102 and that issuing the receipt was not in the public interest due to concerns about valuation, safeguarding of assets, and auditability.
The Commission set aside the Director's decision, finding that Staff failed to prove bitcoin is an illiquid asset given the evidence of substantial trading volumes on regulated exchanges.
The Commission also found that the Applicants had taken reasonable steps to mitigate operational risks through the fund's static buy-and-hold structure, the use of a regulated index for valuation, and the engagement of professional custodians and auditors.
The Director was ordered to issue a receipt for the prospectus.
