The Securities Commission has granted HS GovTech Solutions Inc. (the Filer) its request to cease being a reporting issuer in all Canadian jurisdictions where it held that status. This decision was made under the securities legislation of British Columbia and Ontario, specifically referencing section 1(10)(a)(ii) of the Securities Act, R.S.O. 1990, c. S.5, as amended.
The key considerations for this decision included:
– The Filer is not an OTC reporting issuer under Multilateral Instrument 51-105.
– The Filer has fewer than 15 security holders in each jurisdiction in Canada and fewer than 51 worldwide.
– The Filer’s securities are not traded on any public marketplace or facility in Canada or elsewhere.
– The Filer has requested to cease being a reporting issuer in all jurisdictions where it currently has this status.
– The Filer is not in default of any securities legislation in any jurisdiction.
The British Columbia Securities Commission acted as the principal regulator for this application, and the decision also represents the consent of the securities regulatory authority in Ontario. The application was made in accordance with the Process for Cease to be a Reporting Issuer Applications, and the Filer indicated its intention to rely on subsection 4C.5(1) of Multilateral Instrument 11-102 Passport System in Alberta.
The outcome is that the Filer is no longer a reporting issuer, and therefore, it is no longer subject to the reporting requirements and obligations that are associated with that status.