The OSC Mandates Notice To A Third Party Whose Records Are Sought By A Foreign Criminal Law Enforcement Agent

Article by David Di Paolo and A. Nicole Westlake
Edited by David Di Paolo

On December 2, 2009, a panel of the Commission heard submissions in camera on a motion for an order under s. 17(1) of the Securities Act (the "Act"), permitting a foreign securities regulator to disclose to a foreign criminal law enforcement agency certain compelled documents relating to two account holders of a Bank (the Bank was not named in the decision). The documents were provided to the foreign securities regulator pursuant to a s. 11 Order.

The Bank in question was notified of the motion by Staff of the Commission and objected to the making of the proposed order without notice being provided to the two account holders, whose documents would be provided to the foreign criminal law enforcement agency. In ordering that notice of Staff's motion and an opportunity to be heard should be provided to the two corporate account holders; the Commission noted that s.17(2)(a) of the Act re