The Ontario Securities Commission (OSC) has stayed the sanctions handed down earlier this month against Northern Securities Inc. and its CEO, Vic Alboini, pending a possible judicial review of that decision.

On September 11, the OSC issued a decision imposing sanctions on NSI and Alboini following its review of a disciplinary proceeding brought against them by the Investment Industry Regulatory Organization of Canada (IIROC). (See Alboini fined by OSC, suspended for one year, investmentexecutive.com, September 9, 2014.)

The OSC initially set aside sanctions imposed by an IIROC hearing panel, and then held its own new hearing to determine appropriate sanctions against them based on the findings of the IIROC hearing.

The commission’s sanctions order included almost $500,000 in fines and disgorgement against Alboini, and a one year suspension from registration, among various other elements. Now, it has ordered that its sanctions order be stayed for 90 days, pending an appeal of its decision to the courts.

The OSC issued an order Thursday granting the stay in response to a motion brought by Alboini and NSI, which was heard on Sept. 23. The order says that the stay “will give Alboini and NSI sufficient time to apply to the Divisional Court for a longer stay pending the outcome of any appeal brought by Alboini and NSI to that court.”

However, if they don’t file for an appeal within 30 days from the sanctions decision, the stay will terminate on October 11.