The Securities Commission has granted an application by an issuer for it to cease being a reporting issuer in Canada. The decision is based on the issuer meeting certain criteria: it is not an OTC reporting issuer, its securities are owned by fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, its securities are not traded on any public marketplaces, and it is not in default of any securities legislation. The application was processed under National Policy 11-206, with the British Columbia Securities Commission acting as the principal regulator and the order also applying to Ontario. The relevant legislative provision cited is section 1(10)(a)(ii) of the Securities Act, R.S.O. 1990, c. S.5, as amended. The outcome allows the issuer to stop complying with the reporting obligations that apply to public companies.
