The Securities Commission has granted an application by an issuer for it to cease being a reporting issuer under applicable securities laws. The decision was made based on the issuer meeting specific criteria:
1. The issuer is not an OTC reporting issuer under Multilateral Instrument 51-105.
2. The issuer’s securities are owned by fewer than 15 security holders in each jurisdiction in Canada and fewer than 51 worldwide.
3. The issuer’s securities are not traded on any public marketplace or facility where trading data is reported.
4. The issuer has requested to cease being a reporting issuer in all Canadian jurisdictions where it currently has that status.
5. The issuer is not in default of any securities legislation in any jurisdiction.
The decision was made in accordance with the Securities Act, R.S.O. 1990, c. S.5, as amended, specifically section 1(10)(a)(ii). The Alberta Securities Commission acted as the principal regulator, and the order also represents the decision of the securities regulatory authority in Ontario. The issuer relied on subsection 4C.5(1) of Multilateral Instrument 11-102 Passport System for jurisdictions outside Alberta and Ontario. The outcome is that the issuer has been granted the relief sought and is no longer considered a reporting issuer.