The Securities Commission has decided to revoke the cease trade orders (CTOs) previously issued against an issuer for failing to file certain continuous disclosure materials as required by securities regulations. The issuer had been under CTOs in both British Columbia and Ontario since July 7, 2021. After the issuer remedied the defaults by updating their continuous disclosure filings, they applied for the revocation of the CTOs under National Policy 11-207.
The revocation order was primarily issued by the British Columbia Securities Commission, which served as the principal regulator in this matter. The Ontario Securities Commission opted into the revocation order, indicating agreement with the decision. The revocation reflects the satisfaction of the decision makers that the issuer has met the conditions set out in the applicable securities legislation, specifically under sections 127 and 144 of the Securities Act, R.S.O. 1990, c. S.5, as amended, and National Policy 11-207.
The outcome is that the issuer is no longer subject to the CTOs in British Columbia and Ontario, and the decision was made official on September 13, 2022.