Decision in brief: Cormark Securities Inc, Enforcement Proceeding, Motion for disclosure, June 15, 2023

Cecilia Williams (chair of the panel), Timothy Moseley, Sandra Blake
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Applicants / Respondents:
Cormark Securities Inc. , William Jeffrey Kennedy, Marc Judah Bistricer and Saline Investments Ltd.

In this enforcement proceeding, OSC staff alleges that Cormark Securities Inc., Marc Judah Bistricer, and William Jeffrey Kennedy carried out a series of transactions related to shares of Canopy Growth Corporation that were abusive and not in line with the principles of the Securities Act.

To help him respond to the allegations against him, Bistricer wants the Tribunal to require OSC staff to turn over documents in addition to those staff has already provided. Bistricer asked three different ways for more disclosure from OSC staff: (i) documents about "similar" transactions; (ii) documents about the same "type" of transaction; and (iii) all documents and information that OSC staff gathered during the investigation. The Tribunal decided that Bistricer was not clear about what he was requesting, that the first two requests were too vague, and the third request was too broad.

The Tribunal decided that even if his request were clear, Bistricer has not shown a connection between his descriptions of the documents he requests and his ability to respond to the allegations against him.

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