The Securities Commission has granted an order for Allbanc Split Corp. II (the Filer) to cease being a reporting issuer in all Canadian jurisdictions where it held this status. The decision was made under the Securities Act, R.S.O. 1990, c. S.5, as amended, specifically section 1(10)(a)(ii). The Ontario Securities Commission acted as the principal regulator for this application, and the Filer indicated reliance on subsection 4C.5(1) of Multilateral Instrument 11-102 Passport System across Canada, excluding Ontario.
The order was based on representations from the Filer that it is not an OTC reporting issuer, its securities are owned by fewer than 15 security holders in each Canadian jurisdiction and fewer than 51 worldwide, its securities are not traded on any public marketplace, it is not in default of any securities legislation, and it sought to cease being a reporting issuer in all jurisdictions where it had this status.
The principal regulator concluded that the Filer met the legislative requirements to cease being a reporting issuer, and thus the order was granted.