Nitasha Syed

The Ontario Securities Commission alleged that the respondents violated Multilateral Instrument 91-102 by offering binary options to Ontario residents through an online trading platform, Polymarket.

The parties reached a settlement agreement wherein the respondents agreed to pay a voluntary payment of $22,966.75 USD, an administrative penalty of $200,000 CAD, and investigation costs of $25,000 CAD, along with market bans and an undertaking to restrict Ontario access.

The Capital Markets Tribunal approved the settlement, finding it reasonable and in the public interest.

Katanga Mining Limited applied under s. 17(1) of the Securities Act to disclose confidential documents from an Ontario Securities Commission investigation to the internal and external counsel of its parent company, Glencore.

Glencore is a defendant in a UK civil claim and the UK Court ordered disclosure of these documents.

The Capital Markets Tribunal granted the application, finding it in the public interest to permit narrow disclosure to Glencore's counsel for the purpose of assessing relevance to the UK claim, provided the counsel sign undertakings to be bound by the confidentiality provisions of s. 16 of the Act.