The Securities Commission has granted an application by a company for it to cease being a reporting issuer. The decision is based on the company meeting several criteria: it is not an OTC reporting issuer, its securities are owned by fewer than 15 security holders in each jurisdiction in Canada and fewer than 51 worldwide, its securities are not traded on any public marketplace, and it is not in default of any securities legislation. The order is supported by the relevant securities legislation, including the Securities Act and National Policy 11-206, and relies on the Passport System outlined in Regulation 11-102. The outcome allows the company to stop fulfilling reporting obligations in Canada.
