The Securities Commission has granted an application by an issuer for it to cease being a reporting issuer in all Canadian jurisdictions where it held that status. 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 Ontario Securities Commission acted as the principal regulator for this application, with the issuer indicating reliance on subsection 4C.5(1) of Multilateral Instrument 11-102 Passport System across various provinces and territories.
The decision was based on representations by the issuer that it was not an OTC reporting issuer, had fewer than 15 security holders in Ontario and fewer than 51 worldwide, had no securities traded on any public marketplace, was not in default of any securities legislation, and sought to cease being a reporting issuer in all jurisdictions in Canada.
The principal regulator concluded that the issuer met the legislative requirements to cease being a reporting issuer, and therefore, the application was approved.