The Securities Commission has granted an application by an issuer for it to cease being a reporting issuer in all Canadian jurisdictions. The decision was made under the authority of the Securities Act, R.S.O. 1990, c. S.5, 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 for other Canadian provinces and territories.
The decision was based on several key representations by the issuer:
1. The issuer is not an OTC reporting issuer under Multilateral Instrument 51-105.
2. There are fewer than 15 security holders in each Canadian jurisdiction and fewer than 51 worldwide.
3. The issuer’s securities are not traded on any public marketplace in Canada or elsewhere.
4. The issuer has requested to cease being a reporting issuer in all Canadian jurisdictions where it currently has that status.
5. The issuer is not in default of any securities legislation in any jurisdiction.
The principal regulator concluded that the issuer met the legislative requirements to cease being a reporting issuer and thus granted the order.