The Securities Commission granted an order for a reporting issuer, which operates timberlands in the United States and has no operations in Canada, to cease being a reporting issuer in various Canadian jurisdictions. The decision was based on the issuer’s investigation confirming that Canadian residents own less than 2% of each class or series of its securities worldwide and comprise less than 2% of the total number of securityholders worldwide. The issuer is subject to U.S. securities laws and has committed to providing Canadian securityholders with the same disclosures as U.S. residents. The order was made under the Securities Act (Ontario) and was supported by the issuer’s compliance with U.S. securities regulations and its lack of active engagement with the Canadian securities market. The issuer had also given advance notice of the application through a press release. The outcome allows the issuer to cease reporting in Canada while remaining subject to U.S. securities law requirements.
