Investigations under the Ontario Securities Act
Section 11 of the OSA equips the OSC with a powerful investigative tool. Under section 11, the OSC may order an investigation:
a) for the due administration of Ontario securities law or the regulation of the capital markets in Ontario; or
b) to assist in the due administration of the securities laws or the regulation of the capital markets in another jurisdiction.
Pursuant to a section 11 order, one or more persons may be appointed to conduct the investigation and the matter to be investigated must be set out.
Section 13 of the OSA provides the investigator(s) with broad powers in conducting their investigation including the power to compel testimony, enter business premises, and inspect and seize documents upon application to a judge.
A person or company compelled to testify may be represented by counsel, may claim any privilege to which the person or company is entitled, and any such testimony may not be admitted in evidence against the person from whom the testimony was obtained in a prosecution under the OSA or any other proceeding governed by the Provincial Offences Act.2
An Introduction to Securities Investigations in Ontario
www.groiaco.com/pdf/Securities_Investigations.pdf |
