Decision in brief: A1 Co, Motion to dismiss application, November 28, 2023

Citation and CanLII link
Timothy Moseley (chair of the panel), Mary Condon and Geoffrey D. Creighton
Date of Reasons:
File Number:
Hearing Type:
Applicants / Respondents:
A1 Co., A2 Co., A3 Co. and A4 Co.

OSC staff is investigating the conduct of four companies. In its decision, the Tribunal does not refer to these companies by name to protect the confidentiality of OSC staff’s investigation.

During its investigation, the OSC issued “summonses” to these companies. A summons issued to a company by the OSC requires a representative of the company to come and be interviewed. The companies say that the OSC does not have the power to require them to send a representative to be interviewed and refused to do so. The OSC plans to start a proceeding in an Ontario court in which it will ask the court to decide that the companies are wrong for refusing.

The companies applied to the Tribunal and asked it to decide what confidential material the OSC is allowed to share with the court and what the companies are allowed to share in response.

OSC staff says that the companies’ application is improper and asked the Tribunal to dismiss the application before a full hearing of it by the Tribunal.

The Tribunal dismissed the companies’ application without a full hearing of the application. The Securities Act allows the OSC to share what information it chooses to with the court in the type of proceeding the OSC intends to start. It is too early to decide what the companies may share in response to the OSC in a proceeding the OSC has not started yet.

Decisions in brief are prepared by Governance & Tribunal Secretariat staff to help the public better understand Tribunal decisions. They do not form part of the Tribunal’s reasons and are not for use in legal proceedings.