The IDA vs.
MacBain, Neufeld and Smith
The Investment
Dealers Association of Canada has filed in the Saskatchewan Court
of Appeal a
Notice of Motion/Appeal from the
Commission's decision issued on February 6, 2006.
Frederick Henry
Smith has also filed a
Notice of Motion for Cross Appeal from the Commission's
February 6, 2006 decision.
On February 6,
2006 the Commission issued a decision finding that the IDA has no
authority to regulate former members or former approved persons
either under its bylaws or in contract, and therefore has no
jurisdiction to regulate Wade MacBain and Karl Neufeld. The
Commission accordingly stayed the IDA's disciplinary proceedings
against them.
The Commission also found that Frederick Smith was
not prejudiced by the time it took the IDA to launch its
proceedings against him, and held that there was no unreasonable
delay. Accordingly, The Commission did not grant his request
for a stay of the IDA's the disciplinary proceedings against him.
Dated March 8, 2005.
