General Motors Company applied for exemptive relief from certain requirements under National Instrument 71-101 (The Multijurisdictional Disclosure System) in connection with a proposed Canadian public offering.
The applicant sought relief from the 12-month continuous disclosure history requirement, the $75 million public float requirement, and the requirement to reconcile financial statements to Canadian GAAP.
The Ontario Securities Commission granted the requested relief, noting that the applicant's predecessor had filed for bankruptcy and the applicant had been filing equivalent continuous disclosure with the SEC as a voluntary filer.
The Commission also granted a confidentiality request until the filing of the preliminary prospectus or 30 days after the decision.