A panel of the Alberta Securities Commission has upheld a finding by the TSX Venture Exchange that Murdo McLeod and Sidney Miszczuk are unsuitable to serve in certain capacities with TSX-V-listed companies.

The ASC panel held that the TSX-V had acted within its authority.

McLeod and Miszczuk appealed the TSX-V’s earlier decision, challenging its authority to determine the suitability of directors or officers of its issuers.

In its written decision, the ASC panel stated the TSX-V “is not only permitted or authorized to regulate its listed issuers and persons associated — it is required to do so.”