IN THE MATTER OF AN APPLICATION FOR A HEARING AND REVIEW OF A
DECISION OF THE ONTARIO DISTRICT COUNCIL OF THE INVESTMENT
INDUSTRY REGULATORY ORGANIZATION OF CANADA PURSUANT TO
SECTIONS 8 AND 21.7 OF THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED
- AND -
IN THE MATTER OF DISCIPLINE PROCEEDINGS PURSUANT TO DEALER
MEMBER RULE 20 OF THE INVESTMENT INDUSTRY REGULATORY
ORGANIZATION OF CANADA
- BETWEEN -
STAFF OF THE INVESTMENT INDUSTRY REGULATORY ORGANIZATION OF
- AND -
JULIUS CAESAR PHILLIP VITUG
(Subsection 9(2) of the Securities Act, Rule 3 of the of the Ontario Securities
Commission Rules of Procedure (2009), 32 O.S.C.B. 10)
WHEREAS on May 1, 2009, Julius Caesar Phillip Vitug (the “Vitug”), applied under section 21.7 of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”), for a hearing and review of a decision of a hearing panel of the Ontario District Council of the Investment Industry Regulatory Organization of Canada (“IIROC”), dated May 31, 2009 (the “IIROC Decision”);
AND WHEREAS on July 20, 2009, a hearing and review of the IIROC Decision was held before the Ontario Securities Commission (the “Commission”);
AND WHEREAS on April 26, 2010, the Commission issued its Reasons and Decision, dated April 23, 2010, dismissing the Application (the “Decision”);
AND WHEREAS on April 27, 2010, Vitug requested that the Commission stay the Decision on an interim basis (the “Interim Stay Motion”) pending the outcome of a stay motion to be scheduled during the week of May 3, 2010 (the “Stay Motion”);
AND WHEREAS on April 28, 2010, the Interim Stay Motion was heard by the Commission, counsel for Vitug, counsel for IIROC and Staff of the Commission (“Staff”) being in attendance;
AND WHEREAS counsel for IIROC opposed the Interim Stay Motion and Staff took no position on the Interim Stay Motion;
AND WHEREAS, upon considering the submissions of counsel for Vitug, counsel for IIROC and Staff, the Commission is of the opinion that it is in the public interest to make this order;
IT IS ORDERED THAT:
- the Decision is stayed on an interim basis, pursuant to subsection 9(2) of the Act, pending the outcome of the Stay Motion, and IIROC will reverse any actions it has taken with respect to the Decision;
- the Stay Motion shall be heard by the Commission at 2:00 p.m. on May 5, 2010, or such other date as is agreed by the parties and fixed by the Office of the Secretary;
- Vitug shall file and serve his motion materials by 10:00 a.m. on Monday, May 3, 2010, and IIROC and Staff shall file their motion materials by 5:00 p.m. on Tuesday, May 4, 2010, or such other date as is agreed by the parties and fixed by the Office of the Secretary; and
- Vitug shall bring this Order to the attention of his member firm.
Dated at Toronto, Ontario this 28th day of April, 2010.
" Mary G. Condon"
Mary G. Condon
" Paulette L. Kennedy"
Paulette L. Kennedy