The Purpose Investments Tribunal decision is pending. This page explains the general process, not any specific outcome.
Step 1: The Decision
After closing arguments, the Tribunal reserves its decision. It later releases written reasons that set out its findings of fact, its conclusions on the allegations, and the legal basis for its decision. There is no fixed deadline for release.
Step 2: If Liability Is Found — Sanctions
If the Tribunal finds that violations occurred, a sanctions phase may follow. The OSC and the respondents make submissions on the appropriate remedies. The Tribunal then decides what remedies to impose — which may include registration restrictions, trading restrictions, reprimands, D&O bans, administrative penalties, disgorgement and costs.
Step 3: If No Liability Is Found — Dismissal
If the Tribunal finds that the allegations are not made out, it dismisses the proceeding. No remedies are imposed. The respondents face no sanctions. The OSC may appeal.
Step 4: Appeal
Any 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 Tribunal's decision stands unless and until overturned on appeal.
Step 5: How This Site Will Update
When the Tribunal releases its decision, this site will be updated across all affected pages: allegations will be re-labelled as findings only where actually decided, the homepage will reflect the outcome, and any sanctions phase or appeal will be tracked. Historical reporting will be preserved.
No Prediction
This page does not predict whether the Tribunal will find liability, what remedies it might impose, or whether any party will appeal. The decision is pending.