The hearing process before the British Columbia Securities Commission (Securities Commission) will be influenced by two important decisions: one from the Securities Commission itself, relating to televised hearings; and another from the Office of the Information and Privacy Commissioner for British Columbia (Privacy Commissioner) regarding the Securities Commission’s disclosure obligations. Both decisions show that practice before the Securities Commission continues to evolve, making it important for capital markets participants to stay apprised of recent developments.
TELEVISED HEARINGS
On April 29, 2015, the Securities Commission issued a ruling in Re Williams and others, 2015, permitting CTV’s application to televise portions of an upcoming enforcement hearing. Certain conditions and restrictions were imposed, including the ability for any witness, counsel or other participant in the hearing to refuse to be recorded. A delay of at least two hours between the conclusion of the session and broadcast of the session recording is also required.
The presence of a TV news crew at a Securities Commission hearing is a novel event. It remains to be seen whether recording proceedings will become a regular occurrence and what impact it will have on the hearing itself.
PRIVACY COMMISSIONER DECISION
The Privacy Commissioner’s decision in Re BC Securities Commission, Order F15-08 is expected to impact pre-hearing procedures. The decision also serves as a reminder of the often overlooked but powerful tool of freedom of information (FOI) requests for persons dealing with the Securities Commission, as well as other government authorities.
Sean Boyle and Alexandra Luchenko –Â Blake, Cassels & Graydon LLP –Â May 11 2015.
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