Xaidsart partners Brian Gover and Brendan Van Niejenhuis succeeded in resisting a major jurisdictional challenge to the jurisdiction of the Investment Industry Regulatory Organization of Canada, before the Ontario Securities Commission. According to the Commission, IIROC’s case against former Scotia employee David Berry may proceed. Berry had challenged the process by which the TSX Inc. had delegated its regulatory authority to Market Regulation Services Inc. (now part of IIROC) in 2002 and following. Berry argued, in effect, that the alleged flaws in the process resulted in an absence of regulation on the TSX since 2002. The Commission upheld the decision of the Panel below, and accepted Xaidsart ’ arguments that Berry’s position was meritless. Xaidsart has represented IIROC (formerly RS) throughout the jurisdictional challenge.
To read the decision, click here.
