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Application to review IIROC's refusal to cancel ETF trades dismissed; SRO decisions owed deference.
Hahn Investment applied for a hearing and review of a decision by the Investment Industry Regulatory Organization of Canada (IIROC) refusing to vary or cancel certain trades in Exchange Traded Funds (ETFs) made on October 14, 2008.
Hahn Investment argued the trades were unreasonable due to significant divergence between the underlying values of the indices and the traded prices.
The Ontario Securities Commission dismissed the application, finding that IIROC correctly applied its policies and procedures, did not overlook material evidence, and that new evidence regarding the underlying security of one ETF was not compelling enough to change the outcome.
The Commission emphasized the need for deference to SRO decisions, particularly those involving technical expertise and time-sensitive market rulings.
