The Canadian Securities Administrators has published an updated staff notice regarding applications for a decision that an issuer is not a reporting issuer.

CSA Staff Notice 12-307 — Applications for a Decision that an Issuer is not a Reporting Issuer provides information and guidance on coordinated review applications that may be made under the national policy on the process for exemptive relief applications in multiple jurisdictions.

Several jurisdictions have adopted a simplified procedure for certain review applications.

Regulators in Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Prince Edward Island, Nova Scotia and Newfoundland and Labrador have adopted the simplified procedure in which an issuer is seeking a decision that it is not a reporting issuer under the securities legislation of the jurisdiction.

Among other things, the notice covers: how an issuer can apply for a decision under the simplified procedure if it meets certain conditions; how an issuer can apply for a decision if it is not eligible to use the
simplified procedure; how an issuer can describe the decision it wants in way that addresses legislative differences between jurisdictions; how a foreign issuer with a small securityholder presence in Canada can apply for a decision; and, the procedure for dissolved issuers.