The appellants, former mutual fund and exempt market dealers, entered into a settlement agreement with the Mutual Fund Dealers Association (MFDA) regarding regulatory violations.
They subsequently applied to the Ontario Securities Commission to reinstate their registrations as dealing representatives.
The Commission denied the applications, finding the appellants lacked the requisite proficiency and integrity.
On appeal, the appellants argued the Commission unreasonably failed to defer to the MFDA settlement.
The Divisional Court dismissed the appeal, holding that the Commission has sole jurisdiction over registration suitability and the MFDA had made no findings on that issue to which the Commission could defer.