The Securities Commission has granted an order for a scholarship plan to cease being a reporting issuer. The decision was based on the application submitted by Knowledge First Financial Inc. on behalf of the Heritage Plans, under the securities legislation of Ontario. The order was sought because the plan met specific criteria: it was not an OTC reporting issuer, had fewer than 15 security holders in each jurisdiction in Canada and fewer than 51 worldwide, and its securities were not traded on any public marketplace. Additionally, the plan was not in default of any securities legislation. The order was made in accordance with the National Policy 11-206 Process for Cease to be a Reporting Issuer Applications and relevant provisions of the Securities Act, R.S.O. 1990, c. S.5, as amended, specifically section 1(10)(a)(ii). The Ontario Securities Commission acted as the principal regulator, and the decision was made by Darren McKall, Manager of the Investment Funds and Structured Products Branch of the Ontario Securities Commission.
