Barkerville Gold Mns Ltd BGMZF

RE:RE:Who regulates who and who can now trade?

[Surveiller]

"TSX is the only market that matters..Retail has no access to the other platforms.."
That's not quite accurate - retail clients at the bank owned discounters can't direct their orders to other markets, but the routing systems at the firms can direct the orders to any market that trades the security. 
With respect to who regulates who and who can trade, you have to consider the levels of regulation.  A Cease Trade Order ("CTO") comes from one or more commissions, and they trump everything else.  Nobody can trade in that province (and since they've all agreed to observe each others' orders, it pretty much means "in the country").  IIROC is responsible (by contract with each exchange) for administring the timely disclosure policies of Toronto Stock Exchange, TSX Venture Exchange, and CNSX Markets (Canadian National Stock Exchange).  The exchanges have the responsibility, but have engaged IIROC to do it.  Coordinating those the halts for dissemination of news is required because some issues may be interlisted (like TSX or Venture with CNSX), or because CNSX has a board that posts all TSX and Venture stocks just for trading (Pure Trading), or because ATS operators like Chi-X trade all the stocks listed on TSX and Venture and Omega trades all stocks on all three exchanges.  
The National Instrument (23-101 if you're interested) that sets out high-level trading rules (requirements for exchanges and ATS operators) also includes specific things that will be considered regulatory halts, and those which will not.  Any halt by IIROC is considered a regulatory halt, and an exchange may halt for regulatory or business reasons.  Two specific examples of non-regulatory halts are a) a technical or system related problem that results in the security being unavailable for trading on the listing exchange, or b) the exchange halts the security because the issuer has not paid listing fees.  In both of those examples, provided there is no regulatory halt by either IIROC or a securities commission (a CTO), any other marketplace or exchange that has the security posted for trading may trade it.