In case you were wonderinghttps://www.securities-administrators.ca/enforcement/cease-trade-orders-overview/
Securities regulatory authorities have sole authority to issue CTOs. The securities regulatory authorities oversee securities regulation in their respective provinces or territories and require publicly traded companies to disclose material information to the public within delays set by regulation. For example, publicly traded companies must file copies of quarterly and annual financial statements and management’s discussion and analysis with provincial and territorial securities regulatory authorities, and must also send this information to shareholders, on request. Companies must also disclose material events or developments – such as takeover bids and merger and acquisitions, which may affect the value of the company’s shares. When a company fails to do so, a CTO banning trading in the securities of the company or banning certain individuals and/or companies from trading in securities of the company may be issued.