How do I determine where a CTO has effect?
A cease trade order (CTO) has effect in the following jurisdictions in Canada:
- All CTOs have effect in the jurisdictions of the securities regulatory authorities that issue the order, as identified in the column titled ‘Issuing Jurisdiction(s)’ in the search cease trade order results*; and
- The CTO may also have effect in other CSA jurisdictions that did not issue the CTO. This is because all CSA jurisdictions have either adopted a statutory reciprocal order provision (applicable if the CTO meets the test to be automatically reciprocated) or adopted Multilateral Instrument 11-103 Failure-to-File Cease Trade Orders in Multiple Jurisdictions, or both. For more information, click on the following links: Which CSA jurisdictions have adopted a statutory reciprocal order provision? and Which CSA jurisdictions have adopted Multilateral Instrument 11-103 Failure-to-File Cease Trade Orders in Multiple Jurisdictions (MI 11-103)?
See National Policy 11-207 Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions Division 2 Other Implications of a Cease Trade Order for more information on the effect of CTOs.
* Prior to December 4, 2023, the date that Ontario’s statutory reciprocal order provisions took effect, the ‘Issuing jurisdictions’ column includes the jurisdiction of the principal regulator and, when the order was a ‘dual failure-to-file cease trade order’, the jurisdiction of the principal regulator and Ontario.