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R.S.O. 1990, c. S.5 AS AMENDED

- AND -


(Subsection 127(1))

    WHEREAS on May 15, 2012 the Ontario Securities Commission (the “Commission”) issued an order (the “Temporary Order”) pursuant to subsections 127(1) and 127(5) of the Securities Act, R.S.O. 1990 c. S.5, as amended (the “Act”) containing allegations against David Charles Phillips (“Phillips”), and ordering that:

  1. Phillips shall cease trading in all securities;
  2. any exemptions contained in Ontario securities law do not apply Phillips; and
  3. the Temporary Order shall take effect immediately and shall expire on the fifteenth day after its making unless extended by order of the Commission;

    AND WHEREAS on May 16, 2012, the Commission issued a Notice of Hearing to consider, among other things, the extension of the Temporary Order, to be held on May 30, 2012;

    AND WHEREAS counsel to Phillips advised Staff of the Commission (“Staff”) that Phillips intended to challenge any extension of the Temporary Order;

    AND WHEREAS on May 29, 2012, Staff of the Commission (“Staff”) filed its Factum and Brief of Authorities and certain evidence in support of an extension of the Temporary Order;

    AND WHEREAS on May 30, 2012, Staff and counsel to Phillips appeared before the Commission to ask that the hearing be adjourned to June 6, 2012 and the Temporary Order extended;

    AND WHEREAS on May 30, 2012, the Commission adjourned the hearing to June 6, 2012, and ordered the Temporary Order be extended to June 8, 2012, or until further Order of the Commission;

    AND WHEREAS on June 6, 2012, the Commission heard evidence and submissions from Staff and counsel for Phillips on the issue of whether the Temporary Order should be extended for a further period of time;

    AND WHEREAS the Commission was satisfied that Staff has provided sufficient evidence of conduct that may be harmful to the public interest and, accordingly, in the public interest, justifies an extension of the restrictions set out in the Temporary Order;

    AND WHEREAS at the conclusion of the hearing, the panel gave an oral decision to the following effect;


  1. The Temporary Order dated May 15, 2012, as varied by (b) below, is extended for a period ending Friday, September 28, 2012;
  2. During this extended period, Phillips shall cease trading in all securities, except for trades made through a registrant for his own account or for the account of his “registered retirement savings plans”, “registered retirement income fund” or “tax free savings account” (as those terms are defined in the Income Tax Act (Canada)) in respect of (i) government debt securities within the scope of clause 1 of subsection 35(1) of the Act, and (ii) those securities that are listed and posted for trading on the Toronto Stock Exchange or the New York Stock Exchange (or their successor exchanges); and
  3. During this extended period, any exemptions contained in Ontario securities law do not apply to Phillips.

    DATED at Toronto this 6th day of June 2012.


" Edward P. Kerwin "
Edward P. Kerwin