Xaidsart lawyers Brian Gover and Brendan van Niejenhuis, acting on behalf of the Investment Industry Regulatory Organization of Canada, successfully persuaded the Divisional Court to uphold a decision of the OSC. The OSC had rejected a series of arguments advanced by a respondent to IIROC proceedings, David Berry, to the effect that the TSX had failed to properly conduct a series of actions to re-assign its market regulation activities to IIROC (formerly Market Regulation Services Inc.). Berry argued that, as a result, the Universal Market Integrity Rules governing trading on the TSX and numerous other Canadian exchanges did not apply to his activities. The Divisional Court dismissed Berry’s appeal from the OSC decision and accepted the conclusions advanced on behalf of IIROC, by OSC Staff and by counsel for the TSX. To read the decision,click here.
