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Application to disclose confidential regulatory investigation documents for use in foreign civil litigation dismissed.
Katanga Mining Limited applied under section 17 of the Securities Act for permission to disclose confidential documents obtained during an Ontario Securities Commission investigation to its parent company, Glencore plc, for use in civil proceedings in the United Kingdom.
The Capital Markets Tribunal dismissed the application, finding that Katanga did not establish that the disclosure was in the public interest.
The Tribunal held that disclosure of information protected by section 16 for use in private civil proceedings is generally not in the public interest, and a foreign court order requiring production cannot alone satisfy the statutory public interest analysis.
Application to disclose confidential investigation documents to parent company's counsel for UK litigation granted.
Katanga Mining Limited applied under s. 17(1) of the Securities Act to disclose confidential documents from an Ontario Securities Commission investigation to the internal and external counsel of its parent company, Glencore.
Glencore is a defendant in a UK civil claim and the UK Court ordered disclosure of these documents.
The Capital Markets Tribunal granted the application, finding it in the public interest to permit narrow disclosure to Glencore's counsel for the purpose of assessing relevance to the UK claim, provided the counsel sign undertakings to be bound by the confidentiality provisions of s. 16 of the Act.
