The Ontario Securities Commission (OSC) appealed a Divisional Court decision that set aside an OSC order requiring disclosure of compelled material to respondents in a s. 127 proceeding.
The material, including audit files and testimony, had been compelled from Deloitte & Touche LLP during an investigation into Philip Services Corp. The Court of Appeal allowed the appeal and restored the OSC's order, finding that the Commission's application of the Stinchcombe relevance standard and its balancing of the public interest against Deloitte's confidentiality expectations were reasonable.
