Decision in brief: Lehri, Application for authorization to disclose information, December 1, 2023
The Canadian Investment Regulatory Organization (CIRO) is a self-regulatory organization that oversees investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces. As part of its investigation into Zahir Hussain Lehri and Muhamad Ashgar Sadiq, CIRO staff obtained banking records with help from the Commission. The Commission used its investigation powers under the Ontario Securities Act. CIRO staff was not sure if it was allowed to use the banking records in a CIRO proceeding against Lehri without permission from the Tribunal. CIRO asked the Tribunal to grant permission if it was required.
The Tribunal decided that CIRO does not need permission to use the banking records in a CIRO proceeding against Lehri. There is a clear connection between the information, how that information was obtained, and the proceeding.