The Securities Commission has granted an application by an issuer for it to cease being a reporting issuer in all Canadian jurisdictions where it held that status. The decision was made under the authority of the Securities Act, R.S.O. 1990, c. S.5, specifically section 1(10)(a)(ii). The Ontario Securities Commission acted as the principal regulator, and the issuer indicated reliance on subsection 4C.5(1) of Multilateral Instrument 11-102 Passport System in various other Canadian provinces.
The decision was based on representations by the issuer that 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 public marketplace, and it was not in default of any securities legislation.
Consequently, the principal regulator concluded that the issuer met the legislative requirements to cease being a reporting issuer and approved the application.