The Securities Commission has decided to revoke a cease trade order (CTO) previously issued against an issuer for failing to file required continuous disclosure materials as mandated by securities law. The issuer, which is a reporting entity in Alberta, British Columbia, Ontario, and Saskatchewan, had not complied with the filing requirements, leading to the imposition of the CTO on June 22, 2020.
Following the issuer’s application for revocation, it was determined that the issuer had remedied the defaults by updating its continuous disclosure filings and paying all necessary fees. The issuer also maintained an up-to-date profile on the System for Electronic Document Analysis and Retrieval (SEDAR) and the System for Electronic Disclosure by Insiders (SEDI).
The decision to revoke the CTO was made in accordance with the relevant legislative provisions, specifically sections 127 and 144 of the Securities Act (R.S.O. 1990, c. S.5, as amended) and was informed by National Policy 11-207 Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions, as well as National Policy 12-202 Revocation of Certain Cease Trade Orders.
The outcome is that the CTO has been lifted, allowing the issuer to resume trading under the condition that it continues to meet the continuous disclosure requirements set forth by the securities legislation. The decision was made by the Principal Regulator in Alberta and also reflects the decision of the Ontario securities regulatory authority.