The Ontario Securities Commission (OSC) has temporarily stayed an order that it handed down last month, requiring that a rep be suspended for two years, to allow for a possible appeal of its decision.

Back on June 22, the OSC upheld an appeal from staff of the Investment Industry Regulatory Organization of Canada (IIROC) seeking to overturn an IIROC hearing panel decision. The OSC found that the panel was wrong not to suspend a rep, Lucy Marie Pariak-Lukic, after it found that she sold off-book investments to clients without ensuring that they qualified for prospectus exemptions.

See: OSC overrules IIROC hearing panel decision

The IIROC hearing panel imposed a fine and costs on her, along with other sanctions, but not a suspension. IIROC staff appealed the penalty decision to the OSC, which found in the self-regulatory organization’s favour. Rather than send the case back to the IIROC hearing panel to reconsider the penalty, the OSC simply imposed a two-year suspension on the rep, which was scheduled to start 14 days after its decision was handed down.

Now, the OSC has issued an order staying that June 22 order for 90 days, unless Lukic does not appeal the OSC’s decision within the 30-day appeal period. If that 30-day period expires without an appeal being filed, the stay will terminate on July 23.