Hearing Schedule

Hearing Type:

Enforcement

Allegations:

False or misleading statements; Fraud; Illegal distribution

Panel:

Gordon Johnson - Chair, Warren Funt, Noordin Nanji

Note:

On November 27, 2025, the executive director issued a notice of hearing. The Commission held hearing management meetings on February 6 and May 13, 2026, and will hold a further meeting on October 5, 2026, at 9:00am by video conference. The hearing is scheduled to start on December 7, 2026.

Hearing Type:

Enforcement

Allegations:

Trading without registration; Advising without registration

Panel:

James Kershaw - Chair, Karen Keilty, Jason Milne

Note:

On June 26, 2025, the Executive Director issued a notice of hearing. Hearing concluded. The parties filed submissions on liability. On October 7, 2026, the Panel will hear oral submissions on liability.

Hearing Type:

Enforcement - Reciprocal order

Allegations:

Acting contrary to public interest

Panel:

Gordon Johnson - Chair, Noordin Nanji

Note:

The executive director has applied for orders under section 161(6) of the Act. The respondent requested an oral hearing. The hearing is scheduled to start on October 9, 2026.

Hearing Type:

Enforcement

Allegations:

Obstruction of justice; Failed to comply with a summons or demand

Panel:

Gordon Johnson - Chair, James Kershaw, Jason Milne

Note:

On October 3, 2024, the executive director issued a notice of hearing. On October 3, 2024, Birdsall applied for various orders and on March 20, 2025, he filed an amended notice of application. Hearing concluded. On December 10, 2025, the Panel issued its Findings. On March 9, 2026, the panel issued its ruling on an application filed December 22, 2025. On April 13, 2026, the panel issued its ruling on an application filed February 9, 2026. On March 3, 2026, Birdsall filed an application for various orders and the Panel's ruling was issued on July 2, 2026. On December 22, 2025, Birdsall applied for leave to appeal to the British Columbia Court of Appeal. The Panel will hear oral submissions on sanction on October 27, 2026, at 1:30pm.

Hearing Type:

Enforcement

Allegations:

False or misleading statements; Fraud

Panel:

Deborah Armour - Chair, Jason Milne, Noordin Nanji

Note:

On July 22, 2026, the Executive Director issued a notice of hearing. The Commission will hold a hearing management meeting on October 29, 2026, at 9:00am by video conference. The hearing is scheduled to start on June 14, 2027.

Hearing Type:

Enforcement

Allegations:

Fraud; Illegal distribution

Panel:

Deborah Armour - Chair, James Kershaw, Noordin Nanji

Note:

On July 15, 2026, the executive director issued a notice of hearing. The hearing is scheduled to start on January 18, 2027. The Commission will hold a hearing management meeting October 30, 2026, at 9:00am by video conference.

Hearing Type:

Enforcement

Allegations:

Failed to comply with a summons or demand

Note:

On September 23, 2026, the Executive Director issued a notice of hearing. The Commission will set a date for the hearing on November 3, 2026 at 9:00am.

Hearing Type:

Enforcement

Allegations:

Manipulation/Misleading trading

Panel:

Gordon Johnson - Chair, Judith Downes, Jason Milne

Note:

Hearing concluded. The panel issued it's findings on January 19, 2026. The Commission held a hearing management meeting on May 13, 2026. On June 22 & 23, 2026, the panel heard oral submissions on various applications made by the parties and reserved its decision. The panel issued a Ruling on September 28, 2026. The panel will hear oral submissions on sanction starting November 9, 2026.

Hearing Type:

Enforcement

Allegations:

Disclosure violations; False or misleading statements; Fraud

Panel:

Gordon Johnson - Chair, Jason Milne, Douglas Seppala

Note:

On August 14, 2026, the Executive Director issued a notice of hearing. The Commission will hold a hearing management meeting on November 18, 2026, at 9:00am by video conference. The hearing is scheduled to start on February 22, 2027.

Hearing Type:

Enforcement

Allegations:

Disclosure violations; Misrepresentation

Panel:

Marion Shaw - Chair, Warren Funt, James Kershaw

Note:

On July 16, 2026, the Executive Director issued a notice of hearing. The Commission will hold a hearing management meeting on December 7, 2026, at 9:00am by video conference. The hearing is scheduled to start on January 28, 2027.

Hearing Type:

Enforcement - Reciprocal order

Allegations:

Acting contrary to public interest

Panel:

Gordon Johnson - Chair, Noordin Nanji

Note:

The Executive Director has applied for orders under section 161(6) of the Securities Act. The respondent requested an oral hearing. The hearing is scheduled for December 23, 2026. On May 1, 2026, the respondent filed a stay application. The Panel issued its ruling on the stay application on June 24, 2026.

Hearing Type:

Enforcement

Allegations:

Disclosure violations

Panel:

Karen Keilty - Chair, Warren Funt, Gordon Johnson

Note:

On February 18, 2026, the Executive Director issued a notice of hearing. The Commission held a hearing management meeting on May 28, 2026. The hearing is scheduled to commence on January 11, 2027.

Hearing Type:

Enforcement

Allegations:

False or misleading statements

Panel:

James Kershaw - Chair, Karen Keilty, Douglas Seppala

Note:

On June 17, 2026, the Executive Director issued a notice of hearing. The hearing is scheduled to start on April 12, 2027. The Commission will hold a hearing management meeting on January 13, 2027, at 9:00am by video-conference.

Hearing Type:

Enforcement

Allegations:

Acting contrary to public interest; Illegal distribution; Misrepresentation

Panel:

Marion Shaw - Chair, Gordon Johnson, Karen Keilty

Note:

On November 17, 2023, the Executive Director issued a notice of hearing. On February 28, 2025, the Executive Director discontinued proceedings against Clayton Leigh Moore. On April 16, 2025, the Executive Director entered into a settlement agreement with the respondent NetCents Technology Inc. and discontinued the proceedings. On June 26, 2025, the Commission received an application under section 15.1 of the Act. On October 7, 2025, the Panel issued its ruling. The Commission has received money pursuant to the order under section 161(1)(g). Claims information can be found on the Enforcement page under Returning Funds to Investors.

Hearing Type:

Enforcement

Allegations:

Trading without registration

Panel:

James Kershaw - Chair, Karen Keilty, Marion Shaw

Note:

On October 24, 2023, the Executive Director issued a notice of hearing. On October 25, 2024, the Commission adjourned the hearing. Hearing management meetings were held on November 8, 2024 and October 24, 2025. The panel's Reasons for Ruling - Extension of Temporary Orders was issued on March 18, 2025. The hearing will proceed in writing. On July 25, 2025, an application to adjourn was filed and a Ruling was issued on September 24, 2025. Further submissions, if any, are due by October 2, 2026. On October 28, 2024 the Executive Director entered into a settlement agreement with Tajkarim Mohamed and discontinued the proceedings against him, Lacie Holdings Limited and Space Cloud Empire Limited, formerly known as CE Star Holdings Limited.

Hearing Type:

Review

Panel:

Gordon Johnson - Chair, Judith Downes, Karen Keilty

Note:

On January 5, 2026, the Canadian Investment Regulatory Organization requested a review of a decision dated December 6, 2025. The Commission held a hearing management meeting on February 6, 2026. On June 1, 2026, the panel heard the parties' oral submissions. The parties filed further written submissions. The Panel's decision is due December 16, 2026.

Hearing Type:

Review

Panel:

James Kershaw - Chair, Noordin Nanji, Marion Shaw

Note:

On February 21, 2025, pursuant to s.28 of the Securities Act, the applicant requested a review of CIRO decision 2025 CIRO 05, dated January 23, 2025. On April 24, 2025, the Panel heard the parties' preliminary applications. The Panel issued its Ruling on May 16, 2025, and its Reasons for Ruling on September 12, 2025. On June 16, 2025, Hildebrandt filed a Notice of Appeal with the BC Court of Appeal. On December 9, 2025, the applicant requested a review of CIRO decision 2025 CIRO 52. On December 10, 2025, the Panel granted a temporary stay of CIRO's liability and sanction decisions and, by agreement of the parties, the stay will continue pending the determination of the hearing and review. On March 11 and 12, 2026, the Panel heard oral submissions. On May 27, 2026, the panel granted leave to provide further written submissions. The Panel's decision is due October 7, 2026.

Hearing Type:

Enforcement

Allegations:

Failed to comply with a summons or demand

Panel:

Gordon Johnson - Chair, Warren Funt, Jason Milne

Note:

On April 17, 2024, the Executive Director issued a notice of hearing. On June 6, 2025, the Panel heard oral submissions. The Panel issued its Findings on October 9, 2025. On November 7, 2025, Rafal applied for leave to appeal to the British Columbia Court of Appeal. On January 7, 2026, Rafal filed a notice of constitutional question. On March 25, 2026, Rafal filed an application regarding the constitution of the panel to decide the constitutional question. The Panel issued its ruling on the application on June 1, 2026. Rafal seeks an examination of a Commission staff member. The panel's ruling is due October 13, 2026.

Hearing Type:

Review

Panel:

Gordon Johnson - Chair, Jason Milne

Note:

Mr. Minhas has applied under s.165(9) of the Securities Act to seek an extension of time to request a hearing and review of a CIRO decision dated April 3, 2025.

Hearing Type:

Enforcement

Note:

The Commission has received money pursuant to an order under 161(1)(g). Claims information can be found on the Enforcement page under Returning Funds to Investors.

Hearing Type:

Take-over bid/issuer bid

Allegations:

Acting contrary to public interest

Panel:

Gordon Johnson - Chair, Douglas Seppala, Marion Shaw

Note:

On February 2, 2026, an application was made under section 114 of the Securities Act for certain orders. The application was amended on February 10, 2026. The panel heard the parties' application and issued its Decision on March 6, 2026, with Reasons will follow.

Hearing Type:

Enforcement - Reciprocal order

Allegations:

Acting contrary to public interest

Panel:

Gordon Johnson - Chair, Noordin Nanji

Note:

The executive director has applied for an order under section 161(6) of the Act. The parties filed written submissions.

Hearing Type:

Enforcement - Reciprocal order

Allegations:

Acting contrary to public interest

Note:

The executive director has applied for an order under section 161(6) and 161(1) of the Act. The respondent has until October 13, 2026, to file submissions.

Hearing Type:

Enforcement - Reciprocal order

Allegations:

Acting contrary to public interest

Panel:

Marion Shaw - Chair, Warren Funt, Jason Milne

Note:

The Executive Director has applied for orders under section 161(6) of the Securities Act. The Panel's decision is pending. On April 21, 2026, the Respondent made an application for abeyance and the Panel issued its Ruling on July 17, 2026.

Hearing Type:

Review

Panel:

Gordon Johnson - Chair, Judith Downes, Karen Keilty

Note:

On August 12, 2024, the Canadian Investment Regulatory Organization requested a review of a decision dated July 22, 2024. The Panel's decision was issued on April 7, 2025. On May 6, 2025, Teymur Englesby and Cale Nishimura applied for leave to appeal to the British Columbia Court of Appeal.