The Securities Commission has granted an application by an issuer to cease being a reporting issuer in all Canadian jurisdictions. The issuer is not an OTC reporting issuer and has fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide. Its securities are not traded on any market in Canada or internationally. The issuer is a wholly-owned subsidiary following a court-approved plan of arrangement and does not plan to seek public or private financing.
The issuer was in default for not filing certain continuous disclosure documents but concurrently applied for relief from a failure-to-file cease trade order (FFCTO), which was issued due to the non-filing. The issuer would have been eligible for a simplified procedure to cease reporting if not for the FFCTO.
The decision is based on the issuer meeting the criteria set out in the Securities Act, R.S.O. 1990, c. S.5, as amended, specifically section 1(10)(a)(ii), and is consistent with National Policy 11-206 Process for Cease to be a Reporting Issuer Applications. The order was made considering the issuer’s representations and the fact that it is not in default of any other securities legislation requirements.