Securities Law & Instruments

IN THE MATTER OF THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED AND IN THE MATTER OF A HEARING AND REVIEW OF THE DECISION OF THE INVESTMENT INDUSTRY REGULATORY ORGANIZATION OF CANADA REGARDING PORTFOLIO STRATEGIES SECURITIES INC. AND IN THE MATTER OF CLIFFORD TODD MONAGHAN

ORDER (Rule 6 of the Commission's Rules of Procedure (2014), 37 O.S.C.B. 4168)

WHEREAS:

1. on August 10, 2015, the Ontario Securities Commission (the "Commission") issued a Notice of Hearing, pursuant to sections 8 and 21.7 of the Securities Act, R.S.O. 1990, c.S.5, as amended (the "Act"), in relation to an application made by Clifford Todd Monaghan (the "Applicant") for a Hearing and Review of a Decision of the Investment Industry Regulatory Organization of Canada ("IIROC"), which approved an Application for Investors Holding 10% or More of an IIROC Member Firm that was filed by Portfolio Strategies Securities Inc. ("PSSI");

2. on August 18, 2015, the Applicant, IIROC Staff, Staff of the Commission and counsel for PSSI appeared at a confidential pre-hearing conference and made submissions;

3. on August 18, 2015, the Commission ordered that:

a. the Applicant shall serve and file an amended application, if any, by August 28, 2015;

b. IIROC Staff, Staff of the Commission and PSSI shall serve and file motions, if any, including motion records and memoranda of fact and law, by September 4, 2015;

c. the Applicant shall serve and file a responding motion record and memoranda of fact and law, if any, by September 11, 2015;

d. PSSI's cross-examination on Monaghan's affidavits, if any, shall take place on September 14, 2015; and

e. a motion hearing, if any, shall take place on September 16, 2015 at 11:00 a.m.

4. on September 9, 2015, the parties requested that a pre-hearing conference be held on September 16, 2015 at 10:30 a.m., via conference call, to provide the Commission with a status update; and

5. the Commission is of the opinion that it is in the public interest to make this order;

IT IS ORDERED that a confidential pre-hearing conference be held on September 16, 2015 at 10:30 a.m. via conference call.

DATED at Toronto, this 10th day of September, 2015.

"Alan Lenczner"