Mark Skuce

The applicants sought an adjournment of the hearing of their application for a review of a Director's decision to engage in settlement discussions with Staff.

Staff consented to the request.

The Commission found that the request met the 'exceptional circumstances' test under Rule 29(1) of the Rules of Procedure, as the delay was for settlement purposes, the applicants' registrations remained suspended, and the request was timely.

The adjournment was granted.

Staff of the Ontario Securities Commission sought approval of a settlement agreement with the respondent following an inter-jurisdictional proceeding based on an SEC order.

The SEC had found that the respondent failed to disclose substantial perquisites and personal expense reimbursements in proxy statements.

The Commission approved the settlement, noting the respondent's cooperation and the terms already imposed on his registered firms, and ordered him to resign and be prohibited from acting as an officer or director of any Ontario reporting issuer for five years.

The applicant, a mutual fund dealing representative, applied for a hearing and review of a Director's decision suspending his registration for six months.

Over a ten-year period, the applicant had forged client signatures, obtained pre-signed forms, and provided incorrect answers on compliance questionnaires.

The Commission found that the applicant's conduct was fundamentally dishonest, rendering him unsuitable for registration and in breach of Ontario securities law.

The Commission ordered that the applicant's registration be suspended for six months.

The applicants sought a stay of a Director's Decision that permanently suspended their registration as an exempt market dealer and dealing representative, pending a hearing and review by the Commission.

Applying the RJR-MacDonald test, the Commission found there was a serious issue to be tried, the applicants would suffer irreparable harm to their business and livelihood without a stay, and the balance of convenience favoured granting a conditional stay.

The Commission ordered a stay subject to conditions requiring the applicants to post the Director's Decision on their website and provide it to clients.

The Commission also ordered the removal of an Investor Alert from its website but declined to order a retraction.

The applicant sought a hearing and review of a Director's decision refusing her application for registration as a dealing representative of a mutual fund dealer.

The Director had found that the applicant lacked the requisite integrity because she failed to disclose her prior employment with a 'boiler room' operation in her registration application and misled Staff during a voluntary interview.

The Commission conducted a hearing de novo and found that the applicant failed to provide complete disclosure of her employment history even when given an opportunity to correct her application.

The Commission concluded that the applicant lacked the requisite integrity for registration and dismissed the application.