The Securities Commission has granted an order for PenderFund Capital Management Ltd. (the Filer) and its associated funds, Pender Strategic Growth and Income Fund and Pender Global Focused Fund (the Funds), to cease being reporting issuers. This decision is based on the following key points:
1. The Funds are not OTC reporting issuers, meaning they are 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 ownership of the Funds’ securities is limited, with fewer than 15 security holders in each jurisdiction of Canada and less than 51 globally.
3. The Funds’ securities are not traded on any marketplace or facility where trading data is publicly reported, as defined in National Instrument 21-101.
4. The Filer has requested the order for the Funds to cease being reporting issuers in all Canadian jurisdictions where they currently have this status.
5. The Funds are not in default of any securities legislation in any jurisdiction.
The decision, which aligns with the test set out in the applicable securities legislation, is supported by the British Columbia Securities Commission as the principal regulator and reflects the decision of the securities regulatory authority in Ontario. The relevant legislative provisions include the Securities Act, R.S.O. 1990, c.S.5, as amended, s. 1(10)(a)(ii), and the Securities Act, R.S.B.C. 1996, c. 418, s. 88. The order is in accordance with National Policy 11-206 Process for Cease to be a Reporting Issuer Applications and is also influenced by the Multilateral Instrument 11-102 Passport System.