The Securities Commission has granted an order for a company to cease being a reporting issuer, based on the application submitted under the relevant securities legislation. The key points leading to this decision are:
1. The company is not an OTC reporting issuer, meaning it is not subject to the reporting requirements for companies quoted in U.S. Over-the-Counter markets as per Multilateral Instrument 51-105.
2. The company’s securities are owned by fewer than 15 security holders in each jurisdiction in Canada and less than 51 security holders worldwide.
3. The company’s securities are not traded on any public marketplace or facility in Canada or any other country where trading data is publicly reported.
4. The company has requested to cease being a reporting issuer in all Canadian jurisdictions where it currently has that status.
5. The company is not in default of any securities legislation in any jurisdiction.
The decision was made under the authority of the Securities Act, R.S.B.C. 1996, c. 418, section 88, and is supported by the Multilateral Instrument 11-102 Passport System and National Policy 11-206 Process for Cease to be a Reporting Issuer Applications. The British Columbia Securities Commission served as the principal regulator for this application, and the order also reflects the decision of the securities regulatory authority in Ontario. The outcome allows the company to cease its reporting issuer obligations in Canada.