Kelly Gorman

The applicant, a venture issuer transitioning to IFRS, applied for exemptive relief from certain requirements of National Instrument 52-107 regarding a business acquisition report.

Specifically, the applicant sought to audit the acquired company's statements using International Standards on Auditing, avoid reconciling those statements to Canadian GAAP, and prepare pro forma financial statements using IFRS.

The principal regulator granted the exemption, finding it appropriate in the context of the applicant's transition to IFRS and subject to specific disclosure and presentation conditions.

The Filer applied for exemptive relief from the requirement under section 3.2 of National Instrument 52-107 to prepare its financial statements in accordance with Canadian GAAP.

The Filer sought permission to prepare its financial statements and those of its significant equity investee in accordance with U.S. GAAP for financial years beginning between January 1, 2012, and January 1, 2015.

The Ontario Securities Commission granted the exemption, noting that both entities have activities subject to rate regulation and that U.S. GAAP accords similar treatment to such activities as Canadian GAAP.

The applicant applied for exemptive relief from the requirement to include financial statement disclosure under section 8.4 of National Instrument 51-102 in a Business Acquisition Report relating to a significant acquisition.

The applicant had already been filing consolidated financial statements that included the acquired business.

The Ontario Securities Commission granted the requested relief, finding that the inclusion of the financial statements would not provide investors with any incremental material information.

The Applicant, Xantrex Technology Inc., applied for a decision that it is no longer a reporting issuer in the applicable jurisdictions.

Based on representations that its outstanding securities are beneficially owned by fewer than 51 security holders in Canada and are not traded on a marketplace, the Ontario Securities Commission granted the application and ordered that the Applicant is not a reporting issuer.