Securities Law & Instruments

Headnote

 

National Policy 11-206 Process for Cease to be a Reporting Issuer Applications – The issuer ceased to be a reporting issuer under securities legislation.

 

Applicable Legislative Provisions

 

Securities Act, R.S.O. 1990, c.S.5, as am., clause 1(10)(a)(ii).

 

August 4, 2017

 

IN THE MATTER OF

THE SECURITIES LEGISLATION OF

BRITISH COLUMBIA AND ONTARIO

(the Jurisdictions)

 

AND

 

IN THE MATTER OF

THE PROCESS FOR CEASE TO BE A REPORTING ISSUER APPLICATIONS

 

AND

 

IN THE MATTER OF

NORSAT INTERNATIONAL INC.

(the Filer)

 

ORDER

 

Background

 

1              The securities regulatory authority or regulator in each of the Jurisdictions (Decision Maker) has received an application from the Filer for an order under the securities legislation of the Jurisdictions (the Legislation) that the Filer has ceased to be a reporting issuer in all jurisdictions of Canada in which it is a reporting issuer (the Order Sought).

 

Under the Process for Cease to be a Reporting           Issuer Applications (for a dual application):

 

(a)           the British Columbia Securities Commission is the principal regulator for this application; and

 

(b)           this order is the order of the principal regulator and evi-dences the decision of the securities regulatory authority or regulator in Ontario.

 

                Interpretation

 

2              Terms defined in National Instrument 14-101 Definitions and MI 11-102 have the same meaning if used in this order, unless otherwise defined.


                Representations

 

3              This order is based on the following facts      represented by the Filer:

 

1.             the Filer is not an OTC reporting issuer under Multilateral Instrument 51-105 Issuers Quoted in the U.S. Over-the-Counter Markets;

 

2.             the outstanding securities of the Filer, including debt securities, are beneficially owned, directly or indirectly, by fewer than 15 securityholders in each of the jurisdictions of Canada and fewer than 51 securityholders in total worldwide;

 

3.             no securities of the Filer, including debt securities, are traded in Canada or another country on a marketplace as defined in National Instrument 21-101 Marketplace Operation or any other facility for bringing together buyers and sellers of securities where trading data is publicly reported;

 

4.             the Filer is applying for an order that the Filer has ceased to be a reporting issuer in all of the jurisdictions of Canada in which it is a reporting issuer; and

 

5.             the Filer is not in default of securities legislation in any jurisdiction.

 

                Order

 

4              Each of the Decision Makers is satisfied that the order meets the test set out in the Legislation for the Decision Maker to make the order.

 

The decision of the Decision Makers under the Legislation is that the Order Sought is granted.

 

Carla-Marie Hait

Acting Director, Corporate Finance

British Columbia Securities Commission