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 was made under the relevant securities legislation and regulations, including the Securities Act (CQLR, c. V-1.1, s. 69), and was informed by the Policy Statement 11-206 regarding the process for such applications.
The principal regulator for the application was the Autorité des marchés financiers, and the order also reflects the decision of the securities regulatory authority in Ontario. The issuer had indicated reliance on subsection 4C.5(1) of Regulation 11-102 respecting Passport System for certain Canadian provinces and territories.
The decision was based on representations by the issuer that it was not an OTC reporting issuer, its securities were owned by fewer than 15 securityholders in each jurisdiction in Canada and fewer than 51 worldwide, its securities were not traded on any marketplace or facility where trading data is publicly reported, and it was not in default of any securities legislation.
As a result of the decision, the issuer has ceased to be a reporting issuer and is no longer subject to the reporting obligations under Canadian securities laws.