What does ban trading BY and ban trading OF mean?

There are two types of ban trading sanctions in a CTO: 

• ban trading OF sanction which prohibits all trading in the securities OF a reporting issuer or a non-reporting issuer, regardless of whether the CTO sanction resulted from a continuous disclosure default, an enforcement action or other; and
• ban trading BY sanction which prohibits trading BY certain individuals and/or organizations, regardless of whether the CTO sanction resulted from a continuous disclosure default of the organization (such as a management cease trade order), an enforcement action or other.

Some CTOs may contain both types of sanctions. Although SEDAR+ identifies the different types of sanctions, it remains the obligation of users to conduct the necessary due diligence before trading to determine whether or not a specific trade can be executed. As such, it is important to read all decisions in order to fully understand their scope.