The Securities Commission has granted an application by an issuer for an order to cease being a reporting issuer in Canada. The issuer, incorporated in England and Wales, is not in default of any UK securities laws and is subject to the Financial Conduct Authority’s regulations. The issuer’s only publicly traded securities are debt securities listed on the London Stock Exchange, and it has no significant Canadian securityholders or operations. The issuer has not marketed securities to Canadians since 2000, and there is no intention to offer securities in Canada in the future. The issuer has provided an undertaking to deliver the same disclosure to Canadian securityholders as provided in the UK. The decision is based on the issuer not being eligible for simplified or modified procedures for ceasing to be a reporting issuer, as outlined in National Policy 11-206, due to the number of worldwide securityholders and the lack of U.S. securities law compliance. The order is supported by the Securities Act, R.S.O. 1990, c. S.5, as amended, specifically section 1(10)(a)(ii).
