Decision in brief: Oasis World Trading Inc, Enforcement Proceeding, Motion for stay of proceedings, January 22, 2026

In this case, the OSC says the respondents traded in securities without being registered to do so and that their trading improperly manipulated the price of those securities. The OSC also says the respondents’ systems of controls and supervision were not adequate.

During the merits hearing, the respondents brought a motion to stay (permanently end) the case against them because of what they say was an abuse of process. They say the OSC repeatedly failed to meet its disclosure obligations, didn’t share relevant documents with the respondents, and acted unfairly. The respondents say that the OSC’s approach as a whole, as shown by the errors in this case, represents an abuse of process.

The Tribunal decided not to stay the case against the respondents. A stay is an extreme remedy, and while the OSC did make some concerning mistakes, those mistakes do not show that there is a wide-spread misunderstanding of disclosure obligations across the OSC that represents an abuse of process.

Instead, given the ongoing disclosure issues in this case, the Tribunal decided that some action by the OSC was needed to ensure fairness to the respondents going forward. The Tribunal said the OSC must check its disclosure again and give any missing information to the respondents so they can properly defend themselves against the OSC’s allegations. The OSC must make sure that it has given the respondents all relevant documents or information, even if it has already been shared with them in another form, and also provide all relevant, non-privileged communications with witnesses and their lawyers.