The Securities Commission has granted an application from a company (the Filer) for it to cease being a reporting issuer in Canada. The decision was made under the securities legislation of British Columbia and Ontario, with the British Columbia Securities Commission acting as the principal regulator. The application was made in accordance with National Policy 11-206 for the process of ceasing to be a reporting issuer.
The key facts supporting the decision are:
1. The Filer is not an OTC reporting issuer under Multilateral Instrument 51-105.
2. The Filer’s securities are owned by fewer than 15 security holders in each jurisdiction in Canada and fewer than 51 worldwide.
3. The Filer’s securities are not traded on any marketplace or facility where trading data is publicly reported.
4. The Filer has requested to cease being a reporting issuer in all Canadian jurisdictions where it currently has that status.
5. The Filer is not in default of any securities legislation in any jurisdiction.
The outcome is that the Filer has been deemed to no longer be a reporting issuer under the Securities Act, R.S.O. 1990, c. S.5, as amended, specifically section 1(10)(a)(ii). This decision is based on the test set out in the legislation, which the Filer has met. The order evidences the decision of the securities regulatory authority or regulator in Ontario as well.