Decision in brief: Nvest Canada Inc, Enforcement Proceeding, Motion to waive service and other procedural relief, April 19, 2023
In this enforcement proceeding, OSC staff alleges that Nvest Canada Inc., GX Technology Group Inc., Shorupan Pirakaspathy and Warren Carson violated Ontario securities law.
OSC staff requested that the Tribunal relax some of its procedural requirements, including the requirements to provide notice and documents to the respondents, and said the Tribunal should do so for two reasons. First, OSC staff had already done everything reasonable to try to comply with those requirements, and doing anything else wasn’t likely to change the result. Second, the respondents had not participated in the proceeding, including not responding to OSC staff, not participating in the first hearing, and not responding to this request to the Tribunal.
The Tribunal decided that OSC staff did not need to provide further notice or documents to the respondents. When a respondent does not participate in the proceeding, the Tribunal may continue without them and without providing further notice. OSC staff’s efforts to notify Nvest, GX Technology and Priakaspathy complied with the Tribunal’s requirements. OSC staff had already done everything reasonable to locate Carson and need not do anything else.
The Tribunal noted that information about the proceeding and any further steps in the proceeding would continue to be posted on the Tribunal’s website.