The Securities Commission has granted an application by Penderfund Capital Management Ltd. (the Filer), on behalf of Pender Emerging Markets Impact Fund (the Fund), for the Fund to cease being a reporting issuer in Canada. This decision is based on the following key points:
1. The Fund is not a reporting issuer for over-the-counter markets in the U.S.
2. The Fund’s securities are held by fewer than 15 security holders in each Canadian jurisdiction and less than 51 holders worldwide.
3. The Fund’s securities are not traded on any public marketplace or facility in Canada or elsewhere.
4. The Filer has requested the Fund to cease being a reporting issuer in all Canadian jurisdictions where it currently holds this status.
5. The Fund is not in violation of any securities legislation in any jurisdiction.
The decision was made under the authority of the Securities Act, R.S.O. 1990, c. S.5, as amended, specifically section 1(10)(a)(ii). The British Columbia Securities Commission acted as the principal regulator for this application, and the decision also reflects the concurrence of the securities regulatory authority in Ontario. The outcome is that the Fund is no longer a reporting issuer and is thereby relieved from the associated reporting obligations.