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A five-judge panel of the Ontario Court of Appeal has refined the framework for granting leave to appeal decisions of the Divisional Court, addressing decades of inconsistent interpretation and application. The updated test clarifies when an arguable question of law or mixed law and fact rises to sufficient public importance to warrant appellate consideration, resolving uncertainty about whether different standards apply based on the Divisional Court's jurisdiction.

Much has changed in capital markets in the last seventeen years. Ontario's securities regulatory framework, however, has not been comprehensively reviewed – until now.

To the extent it was ever really open, the door to relevant appeals from decisions of the Ontario Securities Commission ("OSC" or the "Commission") has inexorably been swinging closed.