The Securities Commission granted an application by BAM Exchange LP for an order declaring that it has ceased to be a reporting issuer in all Canadian jurisdictions where it held that status. The decision was based on the Securities Act, R.S.O. 1990, c. S.5, as amended, specifically section 1(10)(a)(ii).
Key facts supporting the decision included that BAM Exchange LP was not an OTC reporting issuer, its securities were held by fewer than 15 security holders in each Canadian jurisdiction and fewer than 51 worldwide, and its securities were not traded on any public marketplace. Additionally, BAM Exchange LP was not in default of any securities legislation.
The Ontario Securities Commission, acting as the principal regulator, was satisfied that the application met the legislative requirements for ceasing to be a reporting issuer, and thus the requested relief was granted.