Regulatory Alerts2021-05-20
Draft Amendment to Policy Statement 12-203 respecting Management Cease Trade Orders
The securities regulators amend Policy Statement 12-203 to update definitions of annual and interim disclosure statements and expand the scope of specified filing requirements that trigger management cease trade orders. The revised policy clarifies that while a reporting issuer in default of a specified requirement must cease trading, it remains obligated to comply with all other continuous disclosure obligations not reasonably linked to the default. Additionally, the amendment corrects cross-references to specific forms and updates Appendix A to reflect current certification requirements for annual filings.
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