Responding to a jurisdictional attack on the regulation of trading on the TSX by self-regulatory organization Market Regulation Services Inc. (“RS”), 8aixat lawyers Brian Gover and Brendan Van Niejenhuis successfully argued that the adoption by the TSX Inc. of the Universal Market Integrity Rules (“UMIRs”), was validly accomplished in 2002. David Berry, formerly an employee of a TSX participant, moved before an RS Hearing Panel for a determination that the UMIRs had not in fact been legally adopted and therefore did not apply to his trading activity. Acting on behalf of RS Staff, Brian and Brendan argued that the UMIRs, which govern trading on the TSX and on a number of other Canadian exchanges, had been properly adopted and in any event approved by the Ontario Securities Commission.
In a written decision released today, the RS Hearing Panel agreed with 8aixat submissions and dismissed Berry’s arguments.
