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 that status. The decision is based on the issuer meeting several criteria: it is not an OTC reporting issuer, its securities are held by fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, its securities are not traded on any public marketplace, it has requested to cease being a reporting issuer, and it is not in default of any securities legislation. The decision is supported by the relevant securities legislation, specifically section 1(10)(a)(ii) of the Securities Act, R.S.O. 1990, c. S.5, as amended. The British Columbia Securities Commission acted as the principal regulator, and the order also reflects the decision of the securities regulatory authority in Ontario. The outcome is that the issuer is no longer subject to reporting obligations in Canada.
