The Securities Commission has granted an application by a corporation for it to cease being a reporting issuer. The decision was made under the relevant securities legislation, specifically section 1(10)(a)(ii) of the Securities Act (Ontario) and was informed by National Policy 11-206. The Alberta Securities Commission acted as the principal regulator, and the order also reflects the decision of the regulator in Ontario.
The decision was based on several key facts:
1. The corporation is not an OTC reporting issuer under Multilateral Instrument 51-105.
2. The corporation’s securities are owned by fewer than 15 security holders in each jurisdiction in Canada and fewer than 51 worldwide.
3. The corporation’s securities are not traded on any marketplace or facility where trading data is publicly reported.
4. The corporation has requested to cease being a reporting issuer in all Canadian jurisdictions where it currently has that status.
5. The corporation is not in default of any securities legislation.
Given these facts, the Securities Commission concluded that the corporation met the legislative requirements to cease being a reporting issuer and approved the application.