The Securities Commission has granted an application by Sierra Wireless, Inc. (the Filer) to cease being a reporting issuer in Canada. The decision was based on several key facts:
1. Sierra Wireless is not an OTC reporting issuer under Multilateral Instrument 51-105.
2. Its securities are owned by fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide.
3. Its securities are not traded on any marketplace or facility where trading data is publicly reported.
4. The Filer sought to cease being a reporting issuer in all Canadian jurisdictions where it held this status.
5. The Filer was not in default of any securities legislation.
The decision was made in accordance with the securities legislation of British Columbia and Ontario, specifically referencing section 1(10)(a)(ii) of the Securities Act, R.S.O. 1990, c. S.5, as amended. The British Columbia Securities Commission acted as the principal regulator, and the order also represents the decision of the regulator in Ontario. The Filer had indicated its intention to rely on subsection 4C.5(1) of Multilateral Instrument 11-102 Passport System in several other Canadian provinces.
The outcome is that Sierra Wireless, Inc. is no longer a reporting issuer and is thus relieved from the reporting obligations that come with that status.