The Securities Commission has granted an application by an issuer for it to cease being a reporting issuer in all Canadian jurisdictions where it held that status. The decision is based on the Securities Act, R.S.O. 1990, c. S.5, specifically section 1(10)(a)(ii). The key points leading to this outcome include:
– The issuer is not an OTC reporting issuer as per Multilateral Instrument 51-105.
– The issuer’s securities are held by fewer than 15 security holders in each Canadian jurisdiction and fewer than 51 holders worldwide.
– The issuer’s securities are not traded on any public marketplace or facility in Canada or elsewhere.
– The issuer has requested to cease being a reporting issuer in all Canadian jurisdictions where it is recognized as such.
– The issuer is not in default of any securities legislation in any jurisdiction.
The Ontario Securities Commission, acting as the principal regulator, has reviewed the application and found it meets the necessary criteria to grant the requested order. Consequently, the issuer has ceased to be a reporting issuer under the applicable securities legislation.