Securities Law & Instruments

IN THE MATTER OF

THE SECURITIES ACT,

RSO 1990, c S.5

 

AND

 

IN THE MATTER OF

MICHAEL PATRICK LATHIGEE,

EARLE DOUGLAS PASQUILL,

FIC REAL ESTATE PROJECTS LTD.,

FIC FORECLOSURE FUND LTD. and

WBIC CANADA LTD.

 

ORDER

 

                WHEREAS:

 

1.             On November 8, 2016, Staff (Staff) of the Ontario Securities Commission (the Commission) filed a Statement of Allegations seeking an order against Michael Patrick Lathigee (Lathigee), Earle Douglas Pasquill (Pasquill), FIC Real Estate Projects Ltd. (FIC Projects), FIC Foreclosure Fund Ltd. (FIC Foreclosure) and WBIC Canada Ltd. (WBIC) (collectively, the Respondents), pursuant to subsections 127(1) and 127(10) of the Securities Act, RSO 1990, c S.5 (the Act);

 

2.             On November 9, 2016, the Commission issued a Notice of Hearing in respect of that Statement of Allegations, setting November 30, 2016 as the date of the hearing;

 

3.             On November 30, 2016, the Commission held a hearing and heard the submissions of Staff, appearing in person, Lathigee, attending via teleconference,  and who made submissions on his own behalf and for the corporate respondents, FIC Projects, FIC Foreclosure and WBIC; with no one appearing for Pasquill, although properly served as appears from the Affidavit of Lee Crann, sworn November 24, 2016; and

 

4.             The Commission is of the opinion that it is in the public interest to make this order.

 

                IT IS ORDERED THAT the hearing in this matter is adjourned to January 12, 2017, at 10:00 a.m., or such further and other date as may be agreed to by the parties and set by the Office of the Secretary.

 

                DATED at Toronto this 30th day of November, 2016.

 

“D. Grant Vingoe”

 


2.2.2       RONA Inc.

 

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., s. 1(10)(a)(ii).

 

[TRANSLATION]

 

November 29, 2016

 

IN THE MATTER OF

THE SECURITIES LEGISLATION OF

QUÉBEC AND ONTARIO

(the Jurisdictions)

 

AND

 

IN THE MATTER OF

THE PROCESS FOR CEASE TO BE

A REPORTING ISSUER APPLICATIONS

 

AND

 

IN THE MATTER OF

RONA INC.

(the Filer)

 

ORDER

 

Background

 

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 Autorité des marchés financiers is the principal regulator for this application,

 

(b)           the Filer has provided notice that subsection 4C.5(1) of Regulation 11-102 respecting Passport System (Regulation 11-102) is intended to be relied upon in British Columbia, Alberta, Saskatchewan, Manitoba, New Brunswick, New Scotia, Prince Edward Island and Newfoundland and Labrador;

 

(c)           this order is the order of the principal regulator and evidences the decision of the securities regulatory authority or regulator in Ontario.

Interpretation

 

Terms defined in Regulation 14-101 respecting Definitions, Regulation 11-102 and, in Québec, in Regulation 14-501Q on definitions have the same meaning if used in this order, unless otherwise defined.

 

Representations

 

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

 

1.             the Filer is not an OTC reporting issuer under Regulation 51-105 respecting 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 Regulation 21-101 respecting 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

 

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.

 

“Martin Latulippe”

Director, Continuous Disclosure

Autorité des marchés financiers