The respondent, Silvio Serrano, brought a motion seeking disclosure of unredacted transcripts of compelled interviews and an unredacted confidentiality order, or in the alternative, a stay of the enforcement proceeding against him.
The Capital Markets Tribunal found that the redacted information met the test for disclosure and was necessary for Serrano to make full answer and defence.
However, an existing confidentiality order prevented Staff from disclosing the information, and the Tribunal declined to vary or vacate that order.
Concluding that proceeding without the disclosure would cause actual prejudice and constitute an abuse of process, the Tribunal granted a stay of the proceeding against Serrano.