The Securities Commission has granted an application by an issuer for an order to cease being a reporting issuer in Canada. The decision is based on the following key points:
1. The issuer is not an OTC reporting issuer, meaning it is not subject to the reporting requirements for issuers quoted in the U.S. over-the-counter markets as per Multilateral Instrument 51-105.
2. The issuer’s securities are held by fewer than 15 security holders in each jurisdiction within Canada and fewer than 51 security holders worldwide.
3. The issuer’s securities are not traded on any marketplace in Canada or any other country, ensuring there is no public trading data reported.
4. The issuer is not in default of any securities legislation, except for not having filed certain continuous disclosure documents.
The order is supported by the Securities Act, R.S.O. 1990, c. S.5, as amended, specifically section 1(10)(a)(ii). The British Columbia Securities Commission acted as the principal regulator for this application, and the order also reflects the decision of the securities regulatory authority in Ontario. The outcome allows the issuer to cease its reporting obligations in all Canadian jurisdictions where it was previously a reporting issuer.