Can a reporting issuer that does not have any active business operations, other than a CPC, (a shell issuer) file a current AIF for the purpose of satisfying the qualifying issuer criteria?
Yes, a shell issuer can file a current AIF for the purpose of satisfying the qualifying issuer criteria. Also, shell issuers are not required to file a new AIF following a material change in their affairs, such as a reverse take-over (RTO) or other significant transaction, in order to satisfy the qualifying issuer criteria. However, shell issuers are reminded of their obligations under securities legislation to issue press releases and file material change reports on the occurrence of a material change. 3. Q: Do the audited financial statements for an issuer’s most recent year end have to be attached to an issuer’s Form 44-101F1 AIF to be “contained” in the AIF as required under subsection (c) of the definition of current AIF? A: No, the financial statements do not need to be attached to the AIF but can be incorporated by reference in a 44-101F1 AIF provided that there is a reference to where the financial statements can be found on SEDAR.