The CSA seeks comments on proposed National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults. The Policy provides guidance as to how the CSA regulators will ordinarily respond to specified continuous disclosure defaults by a reporting issuer. This response will be the issuer's principal regulator issuing either a general cease trade order (CTO) or a management cease trade order (MCTO). The Policy describes the criteria the CSA regulators will apply when assessing whether to issue a general CTO or an MCTO and outlines what an issuer needs to include in its application for an MCTO. The Policy also describes what information an issuer must file during the period of an MCTO to support informed trading. The Policy reminds issuers of their responsibility to monitor trading by management and other insiders during the period of default and reminds insiders of their trading prohibitions under securities legislation. Finally, the Policy discusses the effect of a CTO issued by a CSA regulator in one jurisdiction on trading in another jurisdiction. The comment period for the Policy will remain open until May 27, 2008.