The Securities Commission has granted PFB Corporation’s application to cease being a reporting issuer. The decision was made under the securities legislation of Alberta and Ontario, with Alberta Securities Commission acting as the principal regulator. The application was also recognized in British Columbia, Saskatchewan, Manitoba, and Quebec under Multilateral Instrument 11-102 Passport System.
The decision was based on several key facts:
1. PFB Corporation is not an OTC reporting issuer as per Multilateral Instrument 51-105.
2. The company’s securities are owned by fewer than 15 security holders in each jurisdiction in Canada and less than 51 worldwide.
3. The securities are not traded on any public marketplace or facility in Canada or elsewhere.
4. PFB Corporation has requested to cease being a reporting issuer in all Canadian jurisdictions where it currently has this status.
5. The company is not in default of any securities legislation in any jurisdiction.
The Commission determined that the application met the legislative requirements for ceasing to be a reporting issuer, as outlined in the Securities Act, R.S.O. 1990, c. S.5, particularly section 1(10)(a)(ii). Consequently, the order to cease being a reporting issuer was granted.