Regulatory Alerts2023-06-09
Policy Statement 12-202 Respecting Revocation of Certain Cease Trade Orders
The Canadian Securities Administrators issued Policy Statement 12-202 to provide guidance for issuers seeking full or partial revocation of cease trade orders resulting from continuous disclosure defaults. The document establishes strict criteria for revocation, requiring issuers to file all outstanding disclosure, pay outstanding fees, and hold annual meetings, while allowing for exceptions based on the age of information or issuer inactivity. It further details the application procedures and permissible transactions for partial revocations, such as private placements, to facilitate the issuer's return to compliance.
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