The Securities Commission has granted an application by an issuer for it to cease being a reporting issuer under applicable securities laws. The decision was made in accordance with the Securities Act (R.S.O. 1990, c. S.5, as amended, s. 1(10)(a)(ii)) and was based on several key facts presented by the issuer:
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 jurisdiction in Canada and fewer than 51 worldwide.
3. The issuer’s securities are not traded on any marketplace or facility where trading data is publicly reported.
4. The issuer has requested to cease being a reporting issuer in all Canadian jurisdictions where it currently has that status.
5. The issuer is not in default of any securities legislation in any jurisdiction.
The decision, which reflects the consensus of the Decision Makers in the relevant jurisdictions, is that the issuer has met the legislative requirements to cease being a reporting issuer. The British Columbia Securities Commission acted as the principal regulator for this application, and the order also represents the decision of the securities regulatory authority in Ontario. The relief was granted under the dual application process, with the British Columbia Securities Commission as the principal regulator and reliance on subsection 4C.5(1) of Multilateral Instrument 11-102 Passport System in Alberta.