Decision in brief: DEF Co v Ontario Securities Commission, Application for Authorization to Disclose, June 5, 2026

In this application, an issuer (a company whose shares are publicly traded) asked the Tribunal for permission to disclose information and documents to its auditor and regulator. The issuer (whose identity will be kept secret) needed the Tribunal’s permission, because the information and documents relate to a confidential investigation of the issuer by the OSC.

The Tribunal allowed the issuer to provide certain existing documents and information to its auditor and regulator. That information includes an order made by the OSC under s. 11 of the Securities Act, appointing named people to do the investigation. The Tribunal usually gives permission to make this kind of disclosure, because an issuer needs to keep its auditor and regulator informed about an investigation.

However, the issuer made a broader request. It asked for permission to disclose documents and information that might come out of the investigation later, including documents that cannot yet be clearly identified. Even though the OSC supported this request, the Tribunal decided not to grant the broader request. The only exception was any future investigation order that just changes the people who are appointed to investigate.