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 was made in accordance with Policy Statement 11-206, which outlines the process for applications to cease to be a reporting issuer.
The key points leading to this decision include:
1. The issuer is not an OTC reporting issuer under Multilateral Instrument 51-105.
2. The issuer’s securities are owned by fewer than 15 security holders in each Canadian jurisdiction and fewer than 51 security holders worldwide.
3. The issuer’s securities are not traded on any public marketplace or facility in Canada or elsewhere.
4. The issuer has requested to cease being a reporting issuer in all Canadian jurisdictions where it currently is one.
5. The issuer is not in default of any securities legislation in any jurisdiction.
The decision was made under the authority of the Securities Act, CQLR, c. V-1.1, section 69, and is consistent with the legislative requirements for ceasing to be a reporting issuer. The Autorité des marchés financiers acted as the principal regulator, and the decision also reflects the concurrence of the securities regulatory authority or regulator in Ontario. The outcome allows the issuer to cease its reporting obligations in Canada.