The Securities Commission has granted an application for a fund (the Fund) to cease being a reporting issuer in all Canadian jurisdictions where it currently holds that status. The decision is based on the Fund meeting specific criteria outlined in the securities legislation.
Key Facts:
– The Fund is not an OTC reporting issuer.
– The Fund’s securities are owned by fewer than 15 security holders in each Canadian jurisdiction and fewer than 51 worldwide.
– The Fund’s securities are not traded on any public marketplace in Canada or elsewhere.
– The Fund is not in default of any securities legislation.
Reasoning:
– The Fund has satisfied the conditions for ceasing to be a reporting issuer as per the relevant securities legislation.
Outcome:
– The Order Sought by the Fund has been granted, allowing it to cease being a reporting issuer.
Relevant Laws/Regulations:
– The decision is underpinned by the Securities Act (R.S.O. 1990, c. S.5, as amended), specifically section 1(10)(a)(ii), and is in accordance with National Policy 11-206 Process for Cease to be a Reporting Issuer Applications.
– The application process also referenced Multilateral Instrument 11-102 Passport System and National Instrument 14-101 Definitions.