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ARTICLE · 08 JUNE 2017

Divisional Court Upholds OSC Decision To Impose Two Year Suspension On IIROC Respondent

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The Ontario Divisional Court has upheld an OSC decision to re-review an IIROC Panel decision and impose a suspension on a Respondent for two years.

CanadaLitigation, Mediation & Arbitration
Maureen Doherty
Maureen Doherty
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The Ontario Divisional Court has upheld an OSC decision to re-review an IIROC Panel decision and impose a suspension on a Respondent for two years. This penalty was in addition to a $50,000 penalty already imposed on the Respondent by IIROC (summarized on our blog here).

The Respondent asked the Court to set aside the Commission's decision or remit it back for reconsideration.

The Divisional Court noted that while the Commission, as a matter of practice, generally accords deference to SRO's, in this instance, the Commission determined that it should intervene and that a suspension was appropriate. The Commission did so on the basis that the IIROC Panel had erred in law and had a perception of the public interest which conflicted with the Commission.

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