The application was rejected. The Court noted, among other things, that the balance of interests favoured protecting IIROC’s status as a regulator and its ability to fulfill this role.  This is a decision that is likely to have ramifications for other regulators.  In particular, the rationale dismissing the application would be applicable to other regulators that seek to resist injunctive relief, particularly a Norwich Order.

A copy of the decision is here.

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