OSC to appeal penny stocks ruling

The Ontario Securities Commission (OSC) will appeal a judge’s ruling which struck down a policy aimed at controlling abuses in the sale of penny stocks.

Justice Robert Blair of the general division of Ontario Court ruled that the policy is outside the OSC’s jurisdiction (T.N.M., Aug. 23/93). He wrote that while the OSC regulates the securities industry, it does not have the power to make the actual regulations.