Decision in brief: Ali, Enforcement Proceeding, Stay Motion, September 22, 2023

Amin Mohammed Ali sought to stay (delay the implementation of) a decision of the Canadian Investment Regulatory Organization (CIRO), formerly the Mutual Fund Dealers Association, until his application for a review of that decision had been decided by the Tribunal. Without a stay, he would have to pay the financial sanctions that CIRO ordered, and he would not be able to work for firm that is a member of CIRO.

Ali also asked that certain documents he filed be kept confidential.

The Tribunal did not grant Ali’s request for a stay because he did not satisfy the legal test. One part of that test required him to prove that he would suffer irreparable harm (in other words, harm that money can’t make up for or otherwise be fixed) if the stay is not granted. Ali did not prove that a stay would change his employment prospects or that his health would be irreparably harmed if the CIRO sanctions are not stayed.

The Tribunal decided that certain portions of the documents that were filed should be redacted (blacked out or removed). Those portions contain information about Ali’s health and some personal and family issues. They are highly sensitive and go to his personal dignity. However, the Tribunal decided that details of how Ali’s mental health affected his ability to participate in the CIRO proceeding should remain public, as that is core to the issues he raised in his review application.