Definition of ​“Foreign Organized Regulated Market”

IIROC has published guidance1 on the definition of “Foreign Organized Regulated Market” (“FORM”), reminding Participants that trading “off-marketplace” must be in compliance with UMIR 6.4. Specifically, a Participant that relies on the UMIR 6.4(2)(d) exemption to execute trades in listed securities “off‑marketplace” must execute the trades on a FORM.

Certain Participants may have established order routing practices that do not take into account IIROC’s criteria for qualification as a FORM, and as such may need to change their practices in order to comply with UMIR 6.4(2)(d). We request that these Participants contact IIROC to advise of any operational difficulties associated with achieving this compliance, or to raise any concerns related to the application of UMIR 6.4 when trading in a foreign jurisdiction.

• 1See IIROC Notice 14-0293 - Guidance on the Definition of “Foreign Organized Regulated Market” (December 15, 2014).