Law360 Canada (January 22, 2021, 6:40 AM EST) -- Appeal by Investment Industry Regulatory Organization of Canada (IIROC) from a decision of the Financial and Consumer Services Tribunal setting aside the appellant’s decision finding the respondent guilty of unauthorized trading activities. The IIROC regulated investment dealers and their trading and advising activity throughout Canada. IIROC instituted disciplinary proceedings against the respondent, an investment adviser with NBF. Throughout the investigation and enforcement proceedings, the respondent maintained that there existed various work records in possession of NBF. Although IIROC staff made numerous requests of NBF to obtain such documents, the respondent’s personal notes could not be located by NBF. The respondent chose not to testify, insisting he was unable to do so without his notes. He sought review of the panel’s decision by the Financial and Consumer Services Tribunal raising numerous grounds for review, including that he was denied access to his personal work documents and thus could not adequately defend himself. The Tribunal brought its own motion on whether NBF should be ordered to produce documents and found that NBF should be ordered to provide disclosure. On its own initiative, without giving the parties any opportunity to be heard on the matter, and for no stated reasons, the Tribunal severed the grounds of review and first considered the disclosure issue which the Tribunal itself had reformulated. The Tribunal held that the personal work documents sought from NBF were relevant and that the failure to provide these documents during the IIROC proceedings was a breach of IIROC’s duty of procedural fairness. The Tribunal rescinded IIROC’s decision and ordered a stay of proceedings....