Decision in brief: Internet Sciences Inc v CNSX Markets Inc, Application for Review Proceeding, Case Management Hearing, December 1, 2025

Internet Sciences Inc. asks the Tribunal to review decisions by CNSX Markets Inc. that denied its listing on the Canadian Securities Exchange.

Internet Sciences filed two motions in which it asked that the Tribunal: require CNSX to turn over additional documents; stay (delay the implementation of) the CNSX decisions; and allow Internet Sciences to provide evidence to the Tribunal that it did not provide to the CNSX. Internet Sciences also asked the Tribunal to declare the CNSX decisions invalid, permanently stay or end the decisions, or send them back to the CNSX.

The Tribunal held a hearing to plan the next steps in the proceeding. Internet Sciences asked for a faster schedule for its application and motions than the schedule proposed by CNSX and the OSC. It wanted its motions and application to be heard within about one month, or about six weeks at the latest.

The Tribunal noted that Internet Sciences’ application and motions did not comply with all the Tribunal’s Rules of Procedure, and appeared to contain references to Rules that did not exist. The Tribunal also noted that some of the things Internet Sciences asked for and said in its motions were different than what it said and asked for in its application. The Tribunal explained that some of the things Internet Sciences is asking for in its motions, like permanently staying the decisions, could only be decided at the hearing on the merits of the application for a review of those decisions.

The Tribunal decided not to set a faster schedule as Internet Sciences requested. Instead it decided on a schedule that allowed Internet Sciences time to decide whether it wanted to make changes to its application and motions, time for all parties to prepare for the motion and application hearings, and time to hear the motions.