- Tribunal case
- Capital Markets Tribunal — File 2025-18
- Respondents
- Purpose Investments Inc. · Som Seif
- Merits hearing
- Completed
- Final closing arguments
- 25 September 2026
- Tribunal decision
- Reserved / Pending
- OSC allegations
- Disputed
- Final finding of liability
- None yet
- Last verified
- 5 October 2026
Purpose Investments and the OSC: The ESG Claims, the Evidence and the Case Awaiting Judgment
The Ontario Securities Commission alleges that Purpose Investments and founder Som Seif made 19 false or misleading sales communications about how extensively ESG factors were incorporated into the firm's investment process. Purpose and Seif deny the allegations. After a lengthy merits hearing, the Capital Markets Tribunal reserved its decision on September 25, 2026.
The Capital Markets Tribunal reserved its decision after closing arguments concluded September 25, 2026. No merits finding has been issued.
The allegations described on this website have not yet been determined by the Capital Markets Tribunal. Purpose Investments and Som Seif deny wrongdoing and vigorously contested the OSC's case. Until the Tribunal issues its decision, all disputed allegations must be described as allegations.
The Case in Numbers
75% vs <35%
The ESG integration number at the centre of the OSC case
Funds the OSC says Purpose represented as operating within its ESG framework in 2019.
The figure the OSC's analysis of the relevant funds supports.
These figures represent opposing positions in an unresolved regulatory proceeding. The Tribunal has not ruled on which is correct.
Read the full number disputePurpose Denies the OSC Allegations
Purpose says it genuinely sought to integrate ESG considerations, disputes the OSC's interpretation of its statements, and notes the OSC has not alleged investor losses or complaints arising from the ESG claims. Seif denies the allegations and refused to settle on terms he believed would misrepresent the firm's conduct.
Public Communications at the Centre of the Case
The OSC's application identifies 19 sales communications it alleges were false or misleading in respect of ESG integration. Each is presented with the OSC allegation, Purpose's response, and Seif's alleged involvement.
Procedural Timeline
Full timeline →- September 2025OSC enforcement application filed
- 12 September 2025Capital Markets Tribunal Notice of Hearing
- October 2025First case management hearing
- November 2025Amended application
- 27 February 2026Seif disclosure motion decided
- 10 April 2026Recusal motion
- 24 April 2026Scheduling order
- May 2026Merits evidence begins
19 statements. Two competing stories. One tribunal decision still to come.
Read the evidence · Read the defence · Wait for the finding