RE:Explanation please from someoneHere is the reply from someone ( me )
Note the absence of the expression "trading black-out".
All I can say is that it looks like a targeted cease trading order meaning that management and insiders should not trade the shares of CYL until after Oct 15 when the statements are to be filed.
Insider trading
9. The guidelines below should be considered if a reporting issuer is in default or reasonably anticipates that a specified default or a default of another continuous disclosure requirement will occur, and a cease trade order has not yet been issued in respect of the issuer.
(a) We expect an issuer to monitor and restrict trading by a director, officer and other insider of the issuer due to the increased risk that these individuals may have access to material undisclosed information. This may include information that would otherwise have been reflected in the continuous disclosure filing in respect of which the issuer is or reasonably anticipates being in default, information about any investigation into the events that may have led to the default or anticipated default, and information about the status of remediation activities.
(b) Management and other insiders of the issuer should consider the insider trading prohibitions under securities legislation before entering into any transaction involving securities of the issuer that is or reasonably anticipates being in default.
Refer to National Policy 51-201 Disclosure Standards for guidance regarding disclosure, the maintenance of confidential information, and the application of insider trading laws.
(c) We also remind issuers and other market participants that an officer or other insider of a reporting issuer in default will generally be unable to sell securities acquired from the issuer on a prospectus exempt basis because of the resale restrictions in subsections 2.5(2)7 and 2.6(3)5 of National Instrument 45-102 Resale of Securitieswhich require that a selling security holder have no reasonable grounds to believe that the issuer is in default of securities legislation.