The Securities Commission has granted an application for a company to cease being a reporting issuer under the applicable securities legislation. The decision was based on the company meeting several criteria: it was not an OTC reporting issuer, its securities were owned by fewer than 15 securityholders in each jurisdiction in Canada and fewer than 51 worldwide, its securities were not traded on any marketplace or facility where trading data is publicly reported, and the company was not in default of any securities legislation. The order was made in accordance with Section 88 of the Securities Act (R.S.B.C. 1996, c. 418) and supported by the Multilateral Instrument 11-102 Passport System and National Policy 11-206 Process for Cease to be a Reporting Issuer Applications. The British Columbia Securities Commission acted as the principal regulator, and the decision also applied to Ontario and was intended to be relied upon in several other Canadian provinces.
