Decision in brief: Ontario Securities Commission v Purpose Investment Inc, Enforcement Proceeding, Case Management Hearing, October 10, 2025

In this enforcement proceeding, the OSC says that the respondents exaggerated how Purpose Investments took into account environmental, social and governance factors when choosing investments for its funds.

The Tribunal held a hearing to plan the next steps. The OSC suggested using the longest timelines that the Tribunal’s Rules of Procedure allow. The respondents asked for shorter timelines.

The Tribunal agreed with the respondents. It decided that the longer timelines weren’t necessary. It ordered shorter ones instead. The Rules aim to keep proceedings fair and cost-effective, but also to avoid delays. Delays can cause problems:

• witnesses may become unavailable or forget details,
• the respondents’ reputation may suffer, because the OSC’s allegations, and the possible consequences, are serious, and
• the capital markets may be less protected because, in the meantime, the respondents or others may do similar conduct.

The Rules set maximum time limits for each step. Even though the OSC wanted longer timelines, the Tribunal still followed the Rules when it chose shorter ones. The Tribunal can also schedule procedural steps earlier instead of later. The public has an interest in reducing the delay involved in enforcement proceedings.

The Tribunal also told the parties to try to agree on a schedule for all remaining steps before a merits hearing in May 2026. This will be discussed again at the next hearing in December 2025.