The Securities Commission has granted an order for Merrill Lynch Financial Assets Inc. to cease being a reporting issuer, meaning it will no longer be subject to public reporting requirements in Canada. The decision is based on several key factors:
1. The company is not an OTC reporting issuer under Multilateral Instrument 51-105.
2. Its securities are held by fewer than 15 security holders in each Canadian jurisdiction and fewer than 51 holders worldwide.
3. Its securities are not traded on any public marketplaces in Canada or elsewhere.
4. The company has requested to cease being a reporting issuer in all Canadian jurisdictions where it currently has this status.
5. The company is not in default of any securities legislation in any jurisdiction.
The Ontario Securities Commission, acting as the principal regulator, determined that the company met the necessary criteria outlined in the Securities Act, R.S.O. 1990, c. S.5, as amended, specifically section 1(10)(a)(ii). The order was made in accordance with National Policy 11-206 Process for Cease to be a Reporting Issuer Applications and is supported by the provisions of Multilateral Instrument 11-102 – Passport System.