The Securities Commission has decided to fully revoke a cease trade order (CTO) that was previously issued against an issuer for failing to file required continuous disclosure materials as mandated by securities legislation. The issuer, after rectifying the defaults by updating their continuous disclosure filings, applied for the revocation of the CTO in both British Columbia and Ontario. The British Columbia Securities Commission, acting as the principal regulator, along with the Ontario Securities Commission, agreed to the revocation. This decision was made in accordance with the test set out in the applicable securities legislation, specifically under section 144 of the Securities Act, R.S.O. 1990, c. S.5, as amended. The revocation reflects the collaborative framework of National Policy 11-207, which facilitates the revocation of cease trade orders in multiple jurisdictions. The outcome is that the issuer is no longer subject to the CTO in either British Columbia or Ontario.
