Why Som Seif Says the OSC Case Became Political
Seif has characterized the enforcement action in political terms. The OSC says the proceeding concerns investor protection and the accuracy of sales communications. This page presents both positions.
Did the OSC case against Purpose become political?
Seif has characterized the case in political terms. The OSC says the proceeding concerns investor protection and the accuracy of sales communications. These are competing characterizations; the Tribunal's role is to decide the allegations on the evidence.
The following are competing characterizations of the proceeding. Neither is a finding. The Tribunal decides the case on the evidence.
The Case Became Political
- ▸ Seif has characterized the enforcement action as political in nature.
- ▸ He has argued the OSC sought a high-profile test greenwashing case.
- ▸ He says the case mischaracterizes genuine ESG philosophy.
- ▸ He refused to settle on terms he believed would misrepresent the firm.
These are Seif's characterizations, attributed to him and his counsel.
A Case About Investor Protection
- ▸ The OSC says the proceeding concerns investor protection.
- ▸ The regulator says the issue is the accuracy of sales communications.
- ▸ The OSC alleges 19 communications were false or misleading.
- ▸ The OSC says the case is about compliance with Ontario securities law.
These are the OSC's positions, attributed to the regulator.
Why Both Characterizations Are Presented
Presenting only Seif's characterization would risk adopting his framing as fact. Presenting only the OSC's would risk adopting the regulator's. This page presents both so readers can see the competing narratives. The Tribunal's role is to decide the allegations on the evidence, not on the basis of either party's characterization of the proceeding's motives.