In Re Malic [PDF], 2020 IIROC 37, a
decision released on October 6, 2020, the IIROC Hearing Panel
(Alberta District) (the "Hearing Panel") ruled for the
first time on the issue of whether the public interest outweighs
any prejudice that would result to IIROC, or to a registered firm
client, from permitting use of IIROC information in a court
application.
In Re Malic, the Hearing Panel granted the
respondent's motion to permit the use of the transcript of
IIROC's staff's interview of the complainant in a related
civil proceeding. The Hearing Panel specifically held that
the public interest favouring the motion outweighed any resulting
prejudice.
This case is consistent with the approach taken by the courts
where discovery material in one action is sought to be used in
another action with similar parties and issues and with IIROC Rule
8420(5), which gives blanket permission to use information obtained
in an IIROC proceeding "to impeach the testimony of a
