Why the OSC Issued a Failure-to-File Cease Trade Order Against Dye & Durham
On 15 December 2025, after the required filings still had not been completed, the Ontario Securities Commission issued a failure-to-file cease trade order (FFCTO). It prohibited trading in the company's securities in Canadian jurisdictions, subject to specified exceptions. This was a securities-disclosure enforcement mechanism — not a finding of fraud.
The concise answer
The Ontario Securities Commission issued a failure-to-file cease trade order against Dye & Durham on 15 December 2025 after the company failed to file required annual and quarterly financial disclosure by extended deadlines. The order prohibited trading in the company's securities in Canadian jurisdictions, subject to specified exceptions. The order was revoked on 6 February 2026 after the company completed the required filings, and trading resumed on 9 February 2026.
- ›On 15 December 2025 Dye & Durham announced that the OSC had issued a failure-to-file cease trade order.
- ›The FFCTO prohibited trading in the company's securities in Canadian jurisdictions, subject to specified exceptions.
- ›The order followed the expiry of the extended MCTO deadline on 13 December 2025 without the required filings being completed.
How an MCTO becomes an FFCTO
The escalation followed a defined path. The initial management cease trade order of 1 October 2025 gave the company time to file. When the extended MCTO deadline of 13 December 2025 passed without the required filings, the OSC issued the broader failure-to-file cease trade order two days later, on 15 December 2025.
Unlike the MCTO, the FFCTO restricted trading in the company's securities generally across Canadian jurisdictions, not only insider trading.
What the FFCTO is — and is not
- A securities-disclosure enforcement mechanism.
- A response to outstanding required filings.
- A restriction on trading in Canadian jurisdictions, subject to exceptions.
- A finding of fraud or dishonesty.
- A determination that financial statements are misstated.
- A permanent prohibition — it was later revoked.
The FFCTO was revoked on 6 February 2026 after the required filings were completed. Trading resumed on 9 February 2026. Dye & Durham is not currently under the 2025 cease-trade order.
Frequently asked questions
Is Dye & Durham still under a cease trade order?
No. The failure-to-file cease trade order issued on 15 December 2025 was revoked on 6 February 2026 after the company completed its required filings. Trading resumed on 9 February 2026.
Does a cease trade order mean fraud?
No. A failure-to-file cease trade order is a securities-disclosure enforcement mechanism used when an issuer has not filed required disclosure on time. It is not a finding of fraud or misconduct.
What did the FFCTO prohibit?
It prohibited trading in Dye & Durham's securities in Canadian jurisdictions, subject to specified exceptions set out in the order.