Ontario Securities Commission has authority to investigate viatical settlement purchase program.

Abstract

On 27 October 2003, the Ontario Superior Court of Justice held that the Ontario Securities Commission (the Commission) has the authority to compel testimony and the production of written documents from parties that are not registered under the Ontario Securities Act (OSA). The finding in Universal Settlements International, Inc v Ontario (Securities Commission) is important because it affirms the authority of the Commission to investigate businesses that might be engaging in the sale of illegal viatical settlements, an unregulated industry with potential negative impacts for people living with HIV/AIDS.