Order: Internet Sciences Inc v CNSX Markets Inc

BETWEEN:

INTERNET SCIENCES INC.
(Applicant)

-and-

CNSX MARKETS INC. and ONTARIO SECURITIES COMMISSION
(Respondents)

File No. 2025-29

Adjudicator:
Andrea Burke

November 27, 2025

ORDER

WHEREAS on November 25, 2025, the Capital Markets Tribunal held a hearing by videoconference to address scheduling with respect to the application dated October 31, 2025 made by Internet Sciences Inc., to review a decision of the Panel of Board of Directors of CNSX Markets Inc. dated October 29, 2025;

ON HEARING the submissions of Internet Sciences Inc., CNSX Markets Inc., and the Ontario Securities Commission;

IT IS ORDERED, for reasons to follow, that:

1. by no later than 4:30 p.m. on November 28, 2025, CNSX shall serve and file the record of the original proceeding;
2. by no later than 4:30 p.m. on December 3, 2025, Internet Sciences shall serve and file:
   1. its amended motion, if any, for its interim stay motion, disclosure motion and new evidence motion (collectively, the Motions) using the form in Appendix B of the Tribunal’s Rules of Procedure (the Rules);
   2. either a motion record for the Motions complying with Rule 21 of the Rules, or a list of all documents previously filed and any others filed simultaneously that will be relied upon for each of the Motions at the Motions hearing, specifying both the title of the document and the file name of the document;
   3. its amended application using the form in Appendix E of the Rules, specifying the relief sought, all grounds relied on, and listing all documents and evidence in addition to those contained in the record of original proceeding that Internet Sciences seeks to rely on at the hearing of the application; and
   4. either an application record complying with Rule 21 of the Rules comprised of the amended application and all documents and evidence, in addition to those contained in the record of the original proceeding that Internet Sciences intends or seeks to rely on at the merits hearing of the application, or a list of all documents and evidence previously filed in addition to those contained in the record of the original proceeding and any other documents and evidence filed simultaneously with the amended application that will be relied upon or that Internet Sciences seeks to rely upon at the merits hearing of the application, specifying both the title of the document and the file name of the document;
3. by no later than 4:30 p.m. on December 8, 2025, CNSX shall serve and file its responding motion record if any, with respect to the Motions, complying with Rule 21 of the Rules;
4. by no later than 4:30 p.m. on December 10, 2025, Internet Sciences shall serve and file its written submissions on the Motions, complying with Rule 31 of the Rules;
5. by no later than 4:30 p.m. on December 15, 2025, CNSX shall serve and file its responding written submissions on the Motions, complying with Rule 31 of the Rules;
6. by no later than 4:30 p.m. on December 19, 2025:
   1. Internet Sciences shall serve and file its reply written submissions on the Motions, if any, complying with Rule 31 of the Rules; and
   2. the Ontario Securities Commission shall serve and file its written submissions on the Motions, if any, complying with Rule 31 of the Rules;
7. the hearing with respect to the Motions shall commence on January 9, 2026 at 10:00 a.m. by videoconference, and shall continue on January 12, 2026, commencing at 10:00 a.m. or as may be agreed to by the parties and set by the Governance and Tribunal Secretariat;
8. by no later than 4:30 p.m. on January 23, 2026, Internet Sciences shall serve and file written submissions on the application, complying with Rule 31 of the Rules;
9. by no later than 4:30 p.m. on February 5, 2026, CNSX shall serve and file responding written submissions on the application, complying with Rule 31 of the Rules;
10. by no later than 4:30 p.m. on February 12, 2026, Internet Sciences shall serve and file reply written submissions on the application, if any, complying with Rule 31 of the Rules;
11. by no later than 4:30 p.m. on February 18, 2026, the Ontario Securities Commission shall serve and file written submissions on the application, if any, complying with Rule 31 of the Rules; and
12. the hearing with respect to the merits of the application shall commence on March 5, 2026 at 10:00 a.m. by videoconference, and shall continue on March 6, 2026, commencing at 10:00 a.m. or as may be agreed to by the parties and set by the Governance and Tribunal Secretariat.