The Securities Commission has granted an application by an issuer, Blockchain Foundry Inc., to cease being a reporting issuer in all Canadian jurisdictions where it held this status. The decision was made under the authority of the Securities Act (Ontario) and in accordance with National Policy 11-206, which outlines the process for such applications.
The key considerations for the decision were:
1. The issuer is not an OTC reporting issuer as per Multilateral Instrument 51-105.
2. The issuer’s securities are held by fewer than 15 security holders in each Canadian jurisdiction and fewer than 51 worldwide.
3. The issuer’s securities are not traded on any public marketplace in Canada or elsewhere.
4. The issuer has requested to cease being a reporting issuer in all Canadian jurisdictions where it is recognized as such.
5. The issuer is not in default of any securities legislation in any jurisdiction.
The Ontario Securities Commission, acting as the principal regulator, determined that the issuer met the legislative requirements to cease being a reporting issuer and approved the application.