The Securities Commission granted an application by an issuer for it to cease being considered a reporting issuer under applicable securities laws. The decision was based on the issuer meeting specific criteria, including having fewer than 15 security holders in any jurisdiction in Canada and fewer than 51 worldwide, and not having its securities traded on any public marketplace. The issuer was not in default of any securities legislation, except for a delay in filing certain required disclosures following a corporate arrangement. The relief was granted in accordance with section 1(10)(a)(ii) of the Securities Act, R.S.O. 1990, c. S.5, as amended, which outlines the conditions under which an issuer can cease to be a reporting issuer. The decision was supported by the issuer’s representations and the commission’s satisfaction that the legislative test for ceasing to be a reporting issuer was met.
