Regulatory Alerts2023-06-09
Policy Statement 11-207 Respecting Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions
The Canadian Securities Administrators issued Policy Statement 11-207 to establish guidance for responding to continuous disclosure defaults by reporting issuers through failure-to-file cease trade orders. The document outlines the operational processes for issuing, reciprocating, and revoking these orders across multiple jurisdictions, including specific mechanisms for Ontario and those adopting Multilateral Instrument 11-103. It further details the implications of such orders on market integrity, investor protection, insider trading restrictions, and the regulatory halt of trading by IIROC.
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