Case information

Administrative law — Administrative Tribunal — British Columbia Securities Commission — Evidence — Disclosure of evidence resulting from an investigation — Whether the open court principle permits the disclosure of documents obtained pursuant to a Securities Commission’s statutory powers for the purpose of assisting the preparation of a private civil claim — Should there be a default presumption which always favours disclosure (with a reverse onus burden to justify non-disclosure) — To what extent should a Securities Commission maintain the confidentiality of investigatory materials pending the hearing of a matter on its merits — Where the subject of an investigation opposes interim relief sought against it, should it do so at the cost of such production — Whether a Securities Commission’s investigatory powers supplement or supplant the discovery procedures of civil litigants in private disputes — What are the proper bounds of provisions outlining the confidentiality of investigatory materials — How should these provisions be balanced against a Securities Commission’s powers to hold interlocutory hearings at the investigative stage?

Case summaries are prepared by the Office of the Registrar of the Supreme Court of Canada (Law Branch). Please note that summaries are not provided to the Judges of the Court. They are placed on the Court file and website for information purposes only.

In 2018, the British Columbia Securities Commission initiated an investigation into a group of people and companies (collectively “BridgeMark”) for allegedly participating in the abuse of capital markets and the illegal distribution of securities. BridgeMark was temporarily prohibited from trading certain securities and the Order was subsequently extended. The Commission determined that a hearing would be conducted on the allegations once its staff concluded their investigation. In April of 2019, Glacier Media applied for, and was granted access to, certain redacted exhibits and transcripts in the Commission’s proceedings. In July of 2019, Camp Fiorante Matthews Mogerman LLP (a law firm representing clients in a related civil proceeding) applied for access to nine exhibits. The Commission granted access to the redacted exhibits. The Court of Appeal for British Columbia dismissed the subsequent appeal. The Court of Appeal subsequently stayed production of the exhibits until leave to appeal to this Court was determined.