A cease trade order is a decision by a Canadian Securities Regulatory Authority to prevent trading in securities. The order can be made against a reporting issuer, ceasing the trading of its securities or against a person (individual or entity) that prevents them from trading securities. Cease trade orders are often made when a reporting issuer fails to comply with its continuous disclosure obligations or as part of an enforcement action involving insider trading or another breach of securities laws. See also management cease trade order. An order may be temporary or indefinite. The Canadian Securities Administrators maintain a searchable database of cease trade orders.

Note that Bill 91 amended the Ontario Securities Act (OSA) effective June 4, 2015, to permit the Ontario Securities Commission to issue a cease trade order without giving the person or company that is subject to the order an opportunity to be heard if the person or company fails to file a record required to be filed under the OSA (Section 127(4.1), OSA).

The British Columbia Securities Commission (BCSC) issued BCI 57-502 and BCI 57-503 on February 9, 2017 which will allow BC clients of investment dealers who hold cease-traded securities an opportunity to sell those securities to their investment dealer, provided specific conditions are met.

See CSA Notice 51-322 - Reporting Issuer Defaults and Practice Notes, Disclosure Obligations of Reporting Issuers and Insiders: Overview of Insider Trading Laws and Insider Reporting Obligations.