The Securities Commission has granted an order for IOU Financial Inc. and 9494-3677 Québec Inc. to cease being reporting issuers. The decision was made as both companies met the necessary conditions: they are not OTC reporting issuers, have fewer than 15 securityholders in any Canadian jurisdiction, fewer than 51 worldwide, and their securities are not traded on any public marketplace. They are also not in default of any securities legislation. The order was based on the securities legislation, including the Securities Act, R.S.O. 1990, c. S.5, as amended, and was supported by National Policy 11-206 and Multilateral Instrument 11-102. The outcome allows the companies to stop public reporting obligations in Canada.
