Divisional Court quashes challenge to IIROC Hearing

Stockwoods lawyers Brian Gover and Fredrick Schumann successfully persuaded the Divisional Court to quash a challenge to a pending proceeding before the Investment Industry Regulatory Organization of Canada in Deeb v. IIROC.  The Divisional Court accepted that IIROC Notices of Hearing and Business Conduct Reports are not generally susceptible to judicial review. The Court held that the application for judicial review was premature because the Notice of Hearing should be challenged at first instance before the IIROC Hearing Panel, and because the Business Conduct Review was a mere administrative or investigative step.