The Tribunal's Role
The Capital Markets Tribunal (CMT) is the adjudicative body that hears enforcement proceedings commenced by the Ontario Securities Commission. It is independent of the OSC: the OSC investigates and prosecutes; the Tribunal decides. This separation ensures that the body making allegations is not the body determining them.
How a Case Proceeds
- ▸ The OSC files an application for an enforcement proceeding.
- ▸ The Tribunal issues a Notice of Hearing and manages the proceeding.
- ▸ Pre-hearing motions (disclosure, scheduling, recusal) are resolved.
- ▸ The merits hearing receives evidence and witness testimony.
- ▸ Parties make written and oral closing submissions.
- ▸ The Tribunal reserves its decision and later releases written reasons.
Standard of Proof
In enforcement proceedings, the OSC bears the burden of proving its allegations. The Tribunal must be satisfied on the evidence that the allegations are made out. The respondents do not have to prove their innocence; they have the right to challenge the OSC's evidence and to present their own.
What the Tribunal Can Order
If the Tribunal finds that violations occurred, it can impose a range of remedies: registration restrictions, trading restrictions, reprimands, director/officer bans, administrative penalties, disgorgement and costs. Any remedy is imposed only after a finding of liability, and only to the extent the Tribunal considers appropriate.
Appeals
A party may appeal a Tribunal decision on questions of law in accordance with the applicable statutory framework. An appeal is a separate proceeding before a court.
The Purpose Investments Case
The OSC's proceeding against Purpose Investments and Som Seif is docketed as Capital Markets Tribunal File 2025-18. The Tribunal has heard the merits and closing arguments. Its decision is reserved.