The Securities Commission has decided to revoke a cease trade order (CTO) that was previously issued against an issuer due to the issuer’s failure to file certain required continuous disclosure materials. The CTO was initially put in place by both the British Columbia Securities Commission and the Ontario Securities Commission on November 4, 2020. The issuer has since remedied the defaults by updating their continuous disclosure filings.
The revocation was made under the framework of National Policy 11-207 Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions, which allows for coordinated decision-making between different jurisdictions. The decision to revoke the CTO reflects the issuer’s compliance with the continuous disclosure requirements as per the Securities Act, R.S.O. 1990, c. S.5, as amended, specifically sections 127 and 144.
The British Columbia Securities Commission, acting as the principal regulator, issued the revocation order, which was also recognized by the Ontario Securities Commission. The decision was made on the basis that the issuer met the conditions for revocation as set out in the relevant legislation. The revocation order was finalized on September 14, 2021.