The Ontario Securities Commission (OSC) granted Indigo Books & Music Inc.’s application to cease being a reporting issuer in all Canadian jurisdictions. The decision was based on several key facts: Indigo is not an OTC reporting issuer, its securities are owned by fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, its securities are not traded on any marketplace, and it is not in default of securities legislation. The application relied on subsection 4C.5(1) of Multilateral Instrument 11-102 Passport System. The OSC concluded that the application met the necessary legislative requirements under the Securities Act, R.S.O. 1990, c. S.5, as amended.
