How long does a CTO last?
A CTO may be issued with a specific expiry date or for an indefinite period of time. When a CTO is issued, it will remain in effect until either its expiry date is reached or, if there is no expiry date, until the CTO is revoked by the securities regulatory authority, when and if the company corrects the deficiencies which caused the CTO to be issued. The deficiencies that need to be remedied are explained in the CTO.
It is the company’s responsibility to comply with securities law. Once a CTO is issued, it is up to the company, and not the securities regulatory authorities, to correct the deficiencies and apply to the securities regulatory authority to have the CTO revoked.