The Investment Industry Regulatory Organization of Canada (formerly the Investment Dealers Association of Canada) says it intends to seek leave to appeal the decision to the Ontario Court of Appeal regarding former Research Capital financial advisor Stephen Taub.

The May 17, 2007 decision of a panel of the Ontario Securities Commission (OSC) in the matter of Taub was heard by the Ontario Divisional Court on Dec. 7, 2007.

Taub argued IIROC didn’t have the authority to launch a disciplinary hearing against him because he is no longer a member of the organization.

The Ontario Divisional Court, which released its decision on July 15, 2008 ruled that the Ontario Securities Act only gives IIROC authority over its members, and does not make any provision to cover former members. That means investment advisors who have left their jobs could escape disciplinary action for misconduct.