Opportunity to be heard and Director’s decisions
When Ontario Securities Commission (OSC) staff recommend that the Director refuse, amend, or suspend registration, or impose terms and conditions on a registration, OSC staff will send the registered individual or firm a letter called a “Letter of Brief Reasons” that provides written notice of its recommendation and brief reasons for it. When the recommendation pertains to an individual applicant, a copy of the letter is also sent to the sponsoring firm. Section 31 of Ontario’s Securities Act and Section 23(3) of Ontario’s Commodity Futures Act then provides that the individual or firm may request to be heard by the Director before a decision is made concerning staff’s recommendation. This is known as an “opportunity to be heard”.
Opportunity to be heard
An opportunity to be heard is normally conducted in writing, although it can also be conducted verbally, in person. The Director will then issue a decision on the matter in writing to the firm or individual, and to OSC staff. The firm or individual subsequently has 30 days from the date of the decision to request, in writing and by registered mail, a review of the Director’s decision.
Please note: not all Director’s decisions are confidential and staff will publish the following types of Director’s decisions:
- decisions for contested opportunities to be heard
- decisions approving joint recommendations to settle an opportunity to be heard where the recommendation is that the registrant be suspended
- decisions approving joint recommendations to settle an opportunity to be heard where the recommendation is that terms and conditions requiring strict supervision be imposed
Furthermore, staff will publish the following Director’s decisions even when an opportunity to be heard has not been requested:
- decisions to suspend a registrant
- decisions to impose terms and conditions requiring strict supervision
Search for Director’s decisions
Decisions of the Director on registration matters arising out of opportunities to be heard are searchable according to year and topic. The topics represent some of the main issues that arise in these Director’s decisions.
The fact that a decision is listed under a particular heading means that the conduct described by the heading was alleged in the case, and not necessarily that the director found the individual or company responsible for the conduct. In addition, some decisions involve more than one issue and accordingly they appear under multiple headings. Stakeholders should read a decision in full before referring to it for any purpose.
Director’s decisions on registration matters that have been issued since March 12, 2003 are published and are searchable. Decisions of the Director and of the Commission which occurred prior to 2003 can be found in the OSC Bulletin.
This Director’s decision listing is for informational purposes only, and is not intended to be legal advice. Stakeholders may wish to consult legal counsel if they have any questions about the application of a particular decision to their own circumstances.
December 3, 2020 Becksley Capital Inc. and Fabrizio Lucchese
September 23, 2020 Kyle Krajewski
August 7, 2020 W. A. Robinson Asset Management Ltd.
July 21, 2020 John Doe
June 29, 2020 Ramzee Tams
June 5, 2020 PACE Securities Corp.
May 5, 2020 Trevor Rosborough
April 22, 2020 Michael Forsey
March 10, 2020 RWS Capital Services Inc.
February 24, 2020 Arie Papernick
February 7, 2020 Jonathan Covello
January 27, 2020 Merit Valor Capital Asset Management Corporation
November 27, 2017 Bonwick Capital Partners, LLC
November 14, 2017 R. Alan Filer
November 13, 2017 Hugh Smilestone
November 13, 2017 Pierre Prieur
September 28, 2017 Acker Finley Asset Management Inc
August 15, 2017 Sital Singh Dhillon
July 13, 2017 Kashmir Singh Marok
June 22, 2017 Hanane Bouji
April 4, 2017 Christopher Aqui
December 2, 2016 George Ranisau
October 20, 2016 Investar Investment Ltd., Liyuan Qi and Jian (Bob) Guo
July 21, 2016 Waverley Corporate Financial Services Ltd.
July 6, 2016 Smart Investments Ltd. and David Hopps
April 28, 2016 John Doe
April 28, 2016 Jarnail Kahlon
March 17, 2016 Sanjiv Sawh – s. 31
March 3, 2016 Greg Thompson
December 17, 2015 Edward Andrew Rempel
November 11, 2015 Dhiren Desai – s. 31
November 6, 2015 Cornerstone Asset Management L.P. - s. 31
October 22, 2015 Vince Domenichini
September 24, 2015 John Kodric
September 3, 2015 Eva-Christine Missullis
August 27, 2015 Argosy Securities Inc. and Keybase Financial Group Inc. – s. 31
July 16, 2015 Stephen Zeff Freedman and Sloane Capital Corp
May 1, 2015 Madison Peak Securities Ltd.
January 6, 2015 Christopher Reaney
November 18, 2013 Sterling Grace & Co. Ltd. and Graziana Casale
November 11, 2013 League Investment Services Inc.
September 24, 2013 Kingsmont Investment Management Inc. and Paget Arthurlyn Warner
August 29, 2013 Anu Bala Jain
July 29, 2013 Takota Asset Management, Inc.
July 26, 2013 Adewale Gbalajobi
April 26, 2013 White Capital Corporation and Matthew White - (ADDENDUM)
February 1, 2013 Trafalgar Associates Limited
February 1, 2013 Fast Track Capital Inc.
December 7, 2012 Jory Capital Inc.
October 31, 2012 Trinity Wood Securities Ltd. and Peter Browning
October 29, 2012 Neil Macpherson
August 16, 2012 Douglas Allan Lawson
April 27, 2012 New Solutions Capital Inc. and Ronald James Ovenden
April 20, 2012 Christopher Veigas Couto
April 17, 2012 Paul Anthony Delaney
February 28, 2012 Anna Pyasetsky
February 10, 2012 Morgan Dragon Development Corp, John Cheong, and Herman Tse
January 12, 2012 Blueport Capital Corp. and John Hare
January 6, 2012 M.H.
September 27, 2011 Alexander Adams
August 30, 2011 Anchor Securities Limited and Martin Heppner
August 17, 2011 Desron Financial Services Inc.
July 28, 2011 Access Capital Corp.
June 23, 2011 Windstar Equities Ltd.
June 22, 2011 First Canadian Property Investments Ltd.
June 22, 2011 Stephen Lorne Elias
June 10, 2011 Hill Harris Hunt Capital Limited
June 6, 2011 Fox Collins Securities Inc.
June 3, 2011 Riccardo Alberto DiPronio
June 3, 2011 Richard Derek Frost and RDF Capital Management Inc.
June 3, 2011 Alfredo Pino
April 27, 2011 Minvestec Capital Corp.
April 25, 2011 Waterview Capital Corp. and Dimitrios Neilas
April 14, 2011 Mistry, Jitendra Dalpat
March 4, 2011 Obasi, Cyril
January 25, 2011 Sanjiv Sawh and Vlad Trkulja
October 28, 2009 Kaplan, Christopher and Poulstrup, Jake
August 26, 2009 Uxbridge Capital Funding Inc.
July 28, 2009 Sabeh, Chawky
July 2, 2009 Brown, Donovan Gene
June 2, 2009 Camden, Denise Marie
June 2, 2009 Olea, Luis German
February 11, 2009 Hopper, Kenneth Clark
December 30, 2008 Vengrowth Capital Management Inc.
October 27, 2008 Fitzgerald, Donald James
October 10, 2008 GMP Investment Management L.P.
September 3, 2008 Solovyev, Yegor
June 16, 2008 CR Advisors Corporation
June 11, 2008 Stone, Francis Thomas
June 9, 2008 Craig, Lawrence William
May 26, 2008 Claymore Investments, Inc.
May 6, 2008 Najda, Teresa Elzbieta
May 2, 2008 Collins, Norman John Frank
April 29, 2008 AIG Global Investment Corp. (Canada)
April 21, 2008 Meadowbank Asset Management Inc.
February 5, 2008 Swift Trade Inc.
January 28, 2008 Asbreuk, Rhonda