The Ontario Securities Commission (OSC) has granted Wells Fargo Canada Corporation’s application to cease being a reporting issuer in all Canadian jurisdictions where it held this status. The decision is based on the Securities Act, R.S.O. 1990, c.S.5, as amended, specifically section 1(10)(a)(ii).
The key points leading to this decision include:
1. Wells Fargo Canada Corporation is not an OTC reporting issuer as per Multilateral Instrument 51-105.
2. The company’s securities are held by fewer than 15 security holders in each Canadian jurisdiction and less than 51 globally.
3. Its securities are not traded on any public marketplace or facility in Canada or elsewhere.
4. The company has requested to cease being a reporting issuer in all Canadian jurisdictions where it currently has this status.
5. The company is not in default of any securities legislation in any jurisdiction.
The OSC, acting as the principal regulator, determined that the application met the necessary criteria under the relevant legislation, and therefore, the order to cease the company’s reporting issuer status was approved.