The Securities Commission has granted an application by a company for it to cease being a reporting issuer in all Canadian jurisdictions where it currently holds that status. The decision is based on several key criteria:
1. The company is not an OTC reporting issuer, meaning it is not quoted in the U.S. Over-the-Counter Markets as per Multilateral Instrument 51-105.
2. The company’s securities are owned by fewer than 15 securityholders in each jurisdiction within Canada and less than 51 securityholders worldwide.
3. The company’s securities are not traded on any marketplace or facility where trading data is publicly reported, in Canada or any other country.
4. The company is not in default of any securities legislation in any jurisdiction.
The decision was made under the authority of Section 88 of the Securities Act (R.S.B.C. 1996, c. 418) and is supported by the Multilateral Instrument 11-102 Passport System and National Policy 11-206 Process for Cease to be a Reporting Issuer Applications. The British Columbia Securities Commission acted as the principal regulator for this application, and the order also reflects the decision of the securities regulatory authority in Ontario. The outcome allows the company to cease its reporting issuer obligations in the specified Canadian jurisdictions.