The statements below are attributable to Seif and his counsel. They are presented as his defence position, not as established facts. The Tribunal has not ruled.
Seif Denies the Allegations
Som Seif denies the OSC's allegations. The OSC alleges he personally made some of the 19 challenged statements and authorized, permitted or acquiesced in others. Seif says he did not engage in any wrongdoing and that the OSC's case is based on a misreading of Purpose's ESG approach.
Criticism of the Enforcement Action
Seif has publicly criticized the enforcement action. He has argued that the OSC misunderstood Purpose's ESG philosophy and that the case mischaracterizes genuine investment thinking as misleading marketing. These are Seif's characterizations; the OSC says the proceeding concerns investor protection and the accuracy of sales communications.
Refusal to Settle
Seif refused to settle the matter on terms he believed would misrepresent the company's conduct. He has indicated that a proposed resolution was rejected because he believed settlement would not accurately reflect his position or principles. The terms of any settlement discussions have not been disclosed.
The "Test Case" Argument
During closing submissions, Seif's counsel argued that the OSC had effectively sought a test greenwashing case. This is Seif's defence characterization of the proceeding. The OSC says the case is about the accuracy of sales communications and investor protection, not about making an example.
The OSC misunderstood Purpose's ESG philosophy; the case is a test greenwashing action that mischaracterizes genuine conduct.
The proceeding concerns investor protection and the accuracy of sales communications under Ontario securities law.