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 this status. The decision was made under the authority of the Securities Act (Ontario) and in accordance with National Policy 11-206, which outlines the process for such applications. The Ontario Securities Commission served as the principal regulator, and the issuer indicated reliance on Multilateral Instrument 11-102 for other provinces involved.
The decision was based on several key representations by the issuer:
1. The issuer is not an OTC reporting issuer as per Multilateral Instrument 51-105.
2. There are fewer than 15 security holders in each of the Canadian jurisdictions and fewer than 51 worldwide.
3. The issuer’s securities are not traded on any public marketplace in Canada or elsewhere.
4. The issuer has requested to cease being a reporting issuer in all Canadian jurisdictions where it is recognized as such.
5. The issuer is not in default of any securities legislation.
Given these representations, the principal regulator concluded that the issuer met the legislative requirements to cease being a reporting issuer and approved the application.