The Securities Commission has decided to revoke cease trade orders against an issuer following the issuer’s application for such revocation. The original cease trade orders were imposed due to the issuer’s failure to file required continuous disclosure materials. The issuer has since remedied the defaults by updating its continuous disclosure filings.
The decision was made in accordance with the Securities Act, R.S.O. 1990, c.S.5, as amended, specifically sections 127 and 144, and was guided by National Policy 11-207 regarding Failure to File Cease Trade Orders and Revocations in Multiple Jurisdictions. The revocation reflects the consensus of both the British Columbia Securities Commission, acting as the principal regulator, and the Ontario Securities Commission.
The outcome is a full revocation of the cease trade orders, allowing the issuer to resume trading activities under the securities legislation of British Columbia and Ontario.