CEF/DIL and the ASC: Dec 18 is Coming Soon!

The season of pumpkin spice has passed, our US friends are looking forward to turkey day, and then we’ll be inundated with Christmas music and advertising until Christmas Day.

In the meantime matters are still proceeding on between the CEF/DIL defendants and the ASC. Since the ASC announced that they would be proceeding with this matter, they’ve been having a monthly meeting with representatives for the defendants to discuss matters of mutual concern leading up to the start of proceedings in May 2019.

At the Oct 2018 meeting something happened because after the meeting concluded the following notice appeared on the ASC’s proceedings web page:

Application:  18 December 2018 9:00 AM 
Panel:  Tom Cotter 
             Maryse Saint-Laurent 

That’s a little over a month from now…and right before Christmas.

One tidbit I’ll throw out is that ASC proceedings are open to the public. If you want to watch this hearing in person the ASC is at 5th Street SW, Calgary. If you have any questions the ASC’s contact information is here.


In the meantime the ASC continues to discharge other financial misconduct cases. For example, Vernon Ray Fauth was accused of illegal dealing, fraud, and misrepresenting the nature of the securities he was selling. The ASC has handed down a decision in his matter on Nov 8, 2018. Not only is this case similar to the CEF/DIL matter, the decision document provides useful information on how these kinds of matters are decided.

For an overview / summary I’d recommend these two sections of the decision:

Section III Preliminary Matters – discusses the standard of proof, relevance and use of hearsay evidence, conflicting evidence, and credibility

Section V Analysis which includes sections on the law, the ASC staff’s position, the defendant’s position, followed by a discussion and the panel’s conclusion. There are subsections addressing Limitations, Illegal Dealing, Misrepresentation, and Fraud.

As always – this is my Not A Lawyer opinion. If you need competent advice on a legal matter hire a professional!

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