An Ontario court has upheld an earlier decision that rejected a bid for a judicial review of an enforcement action being brought by the Investment Industry Regulatory Organization of Canada (IIROC) against one of its members.
Back in February, the Divisional Court ruled against Hampton Securities Ltd. and its president and CEO, Peter Michael Deeb, who sought a judicial review after they were named as respondents in a disciplinary hearing last September. That hearing has yet to take place, and none of the allegations have been proven.
Deeb notice of hearing to stay on IIROC website
Deeb and Hampton brought a motion to set aside the earlier decision quashing their application for a judicial review. On Wednesday, the court again sided with IIROC. In its decision, the Divisional Court said that it agrees with the reasons of the motion judge who found that the application was premature; and so, it dismissed the motion seeking to set that decision aside.
In its decision back in February, the court found that the application for judicial review should be quashed “because there are ongoing proceedings before a constituted IIROC hearing panel and the application for judicial review is premature.” The court said that all of the issues raised by the application should first be determined by an IIROC hearing panel.
It also found that the court has no jurisdiction to intervene in the case because IIROC’s disciplinary jurisdiction is contractual, not statutory.