Robert J. Brush

Questrade Inc. applied for a hearing and review of a decision by the IIROC District Council, which found that Questrade failed to comply with regulatory margin requirements for its online foreign exchange trading business and that its conduct was unbecoming a Member Firm.

The Ontario Securities Commission applied a restrained approach, according deference to the District Council's expertise.

The Commission found no error in law or incorrect principle in the District Council's conclusions that Spot FX contracts are not exempt from margin requirements and that Questrade's deliberate refusal to follow IDA directions constituted conduct unbecoming.

The application was dismissed.

The appellant appealed an order of the Superior Court of Justice.

The Court of Appeal agreed with the motions judge's reasons and result, finding it was not a case where the motions judge could have exercised her discretion in favour of the appellant.

The appeal was dismissed with costs fixed at $7,500.