The applicant, Universal Settlements International, Inc., sought judicial review of an Ontario Securities Commission decision upholding an investigation order.
The applicant, which sold viatical settlement purchase programs, argued the Commission lacked jurisdiction because the applicant was neither a reporting issuer nor a registrant under the Securities Act.
The Divisional Court applied a reasonableness standard of review and dismissed the application, finding the Commission has broad statutory powers to investigate matters it considers expedient for the due administration of securities law and the protection of the public interest, regardless of the applicant's registration status.