The Securities Commission has decided to revoke the cease trade order (CTO) previously issued against Banxa Holdings Inc. due to the company’s failure to file certain required continuous disclosure materials. The CTO was initially imposed by both the British Columbia Securities Commission and the Ontario Securities Commission on November 3, 2022. Banxa Holdings Inc. subsequently addressed the filing defaults by updating its continuous disclosure documents.
The revocation was granted following an application by Banxa Holdings Inc. under National Policy 11-207, which deals with Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions. The decision to revoke the CTO reflects the satisfaction of the regulatory requirements set out in the Securities Act, R.S.O. 1990, c.S.5, as amended, specifically sections 127 and 144. The revocation order issued by the British Columbia Securities Commission serves as the principal regulator’s order and also signifies the concurrence of the Ontario Securities Commission.
The revocation of the CTO allows Banxa Holdings Inc. to resume trading under the condition that it remains compliant with the continuous disclosure obligations as mandated by securities legislation. The order was finalized on June 30, 2023.