Justice Relies on Timeliness

Originally published in the National Post on November 20, 2007.

There are no limitation periods specified in the Investment Dealers Association’s registered bylaws with respect to disciplinary actions, and to date the IDA has seemingly proceeded on the basis that it was not governed by any limitation period.

The IDA was prosecuting claims involving events that occurred years in the past, some dating back as far as the 1990s. Consequently, member firms and investment advisors could not only be prosecuted for recent events, but could be disciplined for events that occurred in the distant past. Those in the industry simply assumed the IDA had jurisdiction to do what it was doing, and never questioned or challenged the association in that regard.

pull text from http://www.casselsbrock.com/docs%5CJustice_Relies_on_Timeliness.pdf



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