Loman v. Ontario Securities Commission, 2016 ONSC 135

SUPPLEMENTARY REASONS

POMERANCE J.:

1On June 25, 2015, this Court released its decision, partially allowing Kevin Loman’s appeal against the decision of the Ontario Securities Commission, dated February 21, 2013. In paragraph 17 of the decision, I directed the following with respect to the remedy:

17. Therefore, the appeal is allowed to the extent that the 10 year prohibition on trading; the 10 year prohibition on being an officer or director; and the administrative penalty of $75,000, are set aside. The matter is remitted back to the Commission for a fresh determination on those issues.

2In subsequent correspondence, counsel for the Commission asked the Court to clarify the scope of the appellate remedy. Paragraph 17 referred to certain bans, but not others. In response to a question from the Court, counsel for the Commission and counsel for the appellant agreed that there is no reason in principle why the remedy should not apply to all bans imposed on the appellant by the Commission. We agree with this proposition.

3Therefore, the decision of June 25, 2015 is amended so as to direct that the ten year bans imposed upon the appellant in paragraphs 3(a), (b), (c), (f), and (g) of the Order of the Commission be set aside. For the reasons set out in our earlier decision, these orders are remitted back to the Commission for a fresh determination.

Pomerance J.

Swinton J.

D. L. Corbett J.