The Securities Commission received an application from Allkem Limited (the Filer) for an order to cease being a reporting issuer across all Canadian jurisdictions where it currently holds this status. The Ontario Securities Commission served as the principal regulator for this application, with the Filer indicating reliance on subsection 4C.5(1) of Multilateral Instrument 11-102 Passport System in various other provinces.
The decision was based on several key representations from the Filer:
1. It 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 less than 51 globally.
3. Its securities are not traded on any public marketplace or facility in Canada or elsewhere.
4. The Filer has requested to cease being a reporting issuer in all Canadian jurisdictions where it currently holds that status.
5. The Filer is not in default of any securities legislation.
Taking these representations into account, the principal regulator concluded that the Filer met the necessary criteria under the applicable securities legislation to cease being a reporting issuer. Consequently, the Order Sought was granted, allowing Allkem Limited to no longer be subject to reporting issuer obligations in Canada. This decision was made in accordance with the Securities Act (R.S.O. 1990, c. S.5, as amended), specifically section 1(10)(a)(ii). The order was issued by Lina Creta, Manager of Corporate Finance at the Ontario Securities Commission.