The Securities Commission has granted an application for an issuer to cease being a reporting issuer in all Canadian jurisdictions where it previously held this status. The decision is based on the following key points:
1. The issuer’s securities are owned by fewer than 15 securityholders in each Canadian jurisdiction and less than 51 securityholders worldwide.
2. The securities are not traded on any public exchange or market in Canada or any other country.
3. The issuer is not an OTC reporting issuer and is not in default of any securities legislation.
The decision was made under the authority of the Securities Act, specifically section 88 for British Columbia and section 1(10)(a)(ii) for Ontario. The Multilateral Instrument 11-102 Passport System and National Policy 11-206 Process for Cease to be a Reporting Issuer Applications also support the application process and the outcome. The British Columbia Securities Commission acted as the principal regulator, and the order also represents the decision of the securities regulatory authority in Ontario. The outcome allows the issuer to cease its reporting obligations in Canada.