Order: In the Matter of Portfolio Strategies Securities Inc and Clifford Todd Monaghan

IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5, AS AMENDED

- AND -

IN THE MATTER OF A HEARING AND REVIEW OF THE DECISION
OF THE INVESTMENT INDUSTRY REGULATORY ORGANIZATION OF CANADA REGARDING PORTFOLIO STRATEGIES SECURITIES INC.

- AND –

IN THE MATTER OF CLIFFORD TODD MONAGHAN

ORDER

WHEREAS:

1. on August 10, 2015, the Ontario Securities Commission (the “Commission”) issued a Notice of Hearing, pursuant to sections 8 and 21.7 of the Securities Act, R.S.O. 1990, c.S.5, as amended (the “Act”), in relation to an application made by Clifford Todd Monaghan (the “Applicant”) for a Hearing and Review of a Decision of the Investment Industry Regulatory Organization Of Canada (“IIROC”), which approved an Application for Investors Holding 10% or More of an IIROC Member Firm that was filed by Portfolio Strategies Securities Inc. (“PSSI”);
2. on August 18, 2015, the Applicant, IIROC Staff, Staff of the Commission and counsel for PSSI appeared at a confidential pre-hearing conference and made submissions; and
3.  the Commission is of the opinion that it is in the public interest to make this order;         

IT IS ORDERED that:

1. the Applicant shall serve and file an amended application, if any, by August 28, 2015;
2. IIROC Staff, Staff of the Commission and PSSI shall serve and file motions, if any, including motion records and memoranda of fact and law, by September 4, 2015;
3. the Applicant shall serve and file a responding motion record and memoranda of fact and law, if any, by September 11, 2015;
4. PSSI’s cross-examination on Monaghan’s affidavits, if any, shall take place on September 14, 2015; and
5. a motion hearing, if any, shall take place on September 16, 2015 at 11:00 a.m.

DATED at Toronto, this 18th day of August, 2015.