Mangrove Partners applied for a joint hearing before the Alberta Securities Commission (ASC) and the Ontario Securities Commission (OSC) regarding a proposed transaction between TransAlta Corporation and Brookfield.
TransAlta brought a motion arguing the OSC should decline to hear the application due to an insufficient nexus with Ontario.
The OSC found that while it had jurisdiction, there were no compelling circumstances to warrant exercising it concurrently with the ASC, which was the principal regulator and had stronger connections to the dispute.
The OSC declined to exercise its jurisdiction to hear the application.
