Decision in brief: Oasis World Trading Inc, Enforcement Proceeding, Motion for revised witness summaries and disclosure, September 6, 2024

In this enforcement proceeding, the OSC says the respondents traded securities without being registered to do so and that their trading manipulated the price of those securities. The OSC also says the respondents’ systems of controls and supervision were not adequate. 

The respondents brought a motion, because they said the OSC had not properly done things it must do leading up to the hearing about the OSC’s allegations. The OSC must give the respondents summaries of what the OSC’s witnesses are likely to say at the hearing, but the respondents said that the witness summaries the OSC gave them do not meet the requirements, because of vague or incomplete language in the summaries. The respondents also say that the OSC did not give them certain documents they should have, that might help the respondents defend the case.

The Tribunal decided that that the OSC must give the respondents revised witness summaries to address some deficiencies. The OSC must also give the respondents some additional documents because one of the OSC’s witnesses is expected to testify about those documents at the merits hearing.