News Release
Canadian Regulators Seek Comment on Proposed Policy for Revoking a Cease Trade Order [CSA]
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Date:
2007-01-05 -
Number:
2007/02
Calgary - The Canadian Securities Administrators (CSA) is seeking comments from the public on proposed National Policy 12-202 Revocation of a Compliance-related Cease Trade Order. The CSA developed this policy to harmonize and streamline the process to revoke or vary a Cease Trade Order.
The policy applies in all jurisdictions and outlines what issuers, security-holders or other parties must do to apply for a partial or full revocation of a compliance-related Cease Trade Order. A Securities Commission issues a Cease Trade Order to halt trading in company shares for a predetermined or an indefinite period of time.
"Stakeholders told us different policies and practices in various jurisdictions make the current system confusing," said Jean St-Gelais, Chair of the CSA and President & Chief Executive Officer of the Autorité des marchés financiers (Québec). "The proposed policy aims to address these concerns by harmonizing and streamlining the process."
The proposed CSA National Policy 12-202 Revocation of a Compliance-related Cease Trade Order is available on various CSA members' websites.
The comment period is open from January 5, 2007 to March 6, 2007.
The CSA, the council of the securities regulators of Canada's provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.
For more information:
| Tamera Van Brunt Alberta Securities Commission 403-297-2664 | Ainsley Cunningham Manitoba Securities Commission 204-945-4733 |
| Frédéric Alberro Autorité des marchés financiers 514-940-2176 | Jane Gillies New Brunswick Securities Commission 506 643-7745 |
| Andrew Poon British Columbia Securities Commission 604-899-6880 | Nicholas A. Pittas Nova Scotia Securities Commission 902-424-6859 |
| Carolyn Shaw-Rimmington Ontario Securities Commission 416-593-2361 | Barbara Shourounis Saskatchewan Financial Service Commission 306-787-5842 |