Ontario Securities Commission
Commission des valeurs mobilières de l’Ontario
22nd Floor 20 Queen Street West Toronto ON M5H 3S8
22e étage 20, rue queen ouest Toronto ON M5H 3S8
Citation: Ziaian (Re), 2021 ONSEC 9
Date: 2021-03-17
File No.: 2020-34
IN THE MATTER OF
BARDYA ZIAIAN
REASONS AND DECISION
(Section 21.7 of the Securities Act, RSO 1990, c S.5)
Hearing: November 12, 2020
Decision: March 17, 2021
Panel: Timothy Moseley Vice-Chair and Chair of the Panel
Appearances: Joseph Groia Trevor Fairlie For Bardya Ziaian
Sylvia Samuel Andrew Werbowski For Staff of the Investment Industry Regulatory Organization of Canada
Gavin Mackenzie Alexandra Matushenko For Staff of the Commission
TABLE OF CONTENTS
I.......... Overview.. 1
II........ factual background. 1
III....... preliminary ISSUE – Role of commission Staff. 2
IV....... ISSUES AND analysis. 3
A. Introduction. 3
B. Has Mr. Ziaian established that the Commission should interfere with the IIROC Decision?. 4
C. IIROC’s authority to conduct a hearing and to choose the mode of the hearing 6
D. Does a respondent’s entitlement to be “heard in person” require physical presence in the same room as the panel and/or the witnesses?. 7
E. What, if anything, flows from IIROC’s offer to conduct Mr. Ziaian’s hearing offsite? 9
V......... conclusion. 9
REASONS AND DECISION
I. Overview
1Mr. Ziaian applies to the Ontario Securities Commission to review a decision1 of the Investment Industry Regulatory Organization of Canada (IIROC) about a proceeding brought by IIROC Staff against him.
2The hearing on the merits of IIROC Staff’s allegations has not started. It was initially to proceed as an oral hearing.
3Before the IIROC hearing could begin, the COVID-19 pandemic intervened. IIROC decided that the hearing would instead proceed electronically. Mr. Ziaian objected, but IIROC overruled that objection. Mr. Ziaian asks the Commission to review that decision.
4Mr. Ziaian argues that IIROC did not have authority to change the mode of the hearing over his objection. I disagree. I find that IIROC can hold the merits hearing as an electronic hearing. However, I reach