The Ontario Securities Commission (OSC) has approved an application from a company (the Filer) to cease being a reporting issuer in all Canadian jurisdictions. This decision is based on the Filer meeting specific criteria under the applicable securities legislation, particularly the Securities Act, R.S.O. 1990, c. S.5, as amended, and in accordance with National Policy 11-206 Process for Cease to be a Reporting Issuer Applications.
The key facts supporting the decision include:
1. The Filer is not an OTC reporting issuer under Multilateral Instrument 51-105.
2. The Filer’s securities are held by fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide.
3. The Filer’s securities are not traded on any public marketplace or facility where trading data is reported.
4. The Filer has requested to cease being a reporting issuer in all jurisdictions where it currently has this status.
5. The Filer is not in default of any securities legislation in any jurisdiction.
The OSC, as the principal regulator, determined that the Filer met the legislative requirements to cease being a reporting issuer, and therefore, the order was granted. The decision also references the reliance on subsection 4C.5(1) of Multilateral Instrument 11-102 Passport System for jurisdictions outside Ontario.