Decision in brief: Katanga Mining Limited v Ontario Securities Commission, Application, Disclosure of Confidential Documents, November 20, 2025

In an earlier decision, the Tribunal gave Katanga Mining Limited permission to disclose certain documents to the lawyers for its parent company, Glencore plc. Under section 16 of the Securities Act, Katanga needed the Tribunal’s permission because the documents came from a confidential investigation by the OSC. Katanga and several of its officers were investigated by the OSC, resulting in a settlement agreement that the Tribunal approved in 2018.

Glencore’s lawyers wanted to review the documents to decide whether they needed to be disclosed in a civil claim in England and Wales (UK court) in which Glencore is a defendant. The UK Court ordered that any of the documents Katanga received from the OSC’s investigation that are relevant to the civil claim must be disclosed.

Glencore’s lawyers determined that all but one of the documents are relevant and should be disclosed. Katanga now asks for permission to do so.

The Tribunal decided not to give Katanga permission.

Confidentiality is essential to protecting the integrity and effectiveness of OSC investigations and the privacy of those who are required to provide information as part of the investigation. The need for confidentiality continues after the investigation ends.

The disclosure of documents from a confidential investigation for use in a civil claim is generally not in the public interest. A UK court order requiring production does not automatically mean that disclosure is in the public interest. The Act’s investigation and enforcement provisions are not meant to help in civil proceedings.