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 specific criteria outlined in the securities legislation. 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 held by fewer than 15 security holders in each Canadian jurisdiction and fewer than 51 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 is recognized as such.
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, R.S.O. 1990, c. S.5, specifically section 1(10)(a)(ii), and is supported by the issuer’s compliance with the relevant provisions of National Policy 11-206 and Multilateral Instrument 11-102. The Ontario Securities Commission, acting as the principal regulator, has determined that the issuer has met the legislative requirements to cease being a reporting issuer, and thus the order was granted.