A cease and desist order is the formal, binding version of what the main entry describes as a cease and desist notice from a financial regulator: an instruction requiring a person or business to stop a specified activity, such as offering unlicensed money transmission, selling unregistered securities or making misleading claims to customers.
In financial services, such orders are most often issued by regulators using their statutory powers, for example US federal banking agencies, the Securities and Exchange Commission or state financial departments, which can issue orders after a hearing or by consent. Many are agreed with the firm rather than imposed, in which case they resemble a consent order and set out corrective steps, deadlines and reporting duties. Breaching an order can lead to fines, licence revocation or court action. Orders are usually published and form part of a firm's regulatory history, so they matter in later licensing and banking decisions.
The wording differs by context. A "notice" or "letter" may be an informal warning, including a cease and desist letter sent by a private party, while an "order" carries legal force. Both are forms of enforcement action.