(February 26 – 16:00 ET) – The Ontario Securities Commission has rejected a motion by brokerage firm Griffiths McBurney & Partners to stay the commision’s proceedings against the firm in the YBM Magnex International Inc. case.

Back in January, Griffiths McBurney motioned for an order permanently staying proceedings against it by the OSC as part of the commission’s YBM enforcement hearing against YBM, its officers and directors, and brokerage firm National Bank Securities.

Alternatively Griffiths McBurney requested an order permitting it to conduct prehearing oral examinations and to obtain documentary discovery from several current and former personnel from the OSC and Toronto Stock Exchange.

A hearing was held back on January 26 to consider the motion. A panel composed of commissioners Howard Wetston, Robert Davis, and Derek Brown rejected the motion. They did not issue reasons, noting those will be released in “due course”.
-IE Staff