Part 11 - Administration of UMIR
11.1 General Exemptive Relief
- A Market Regulator may exempt a specific transaction from the application of a provision of UMIR, if in the opinion of the Market Regulator, the provision of such exemption:
- would not be contrary to the provisions of any applicable securities legislation and the regulation and rules thereunder;
- would not be prejudicial to the public interest or to the maintenance of a fair and orderly market; and
- is warranted after due consideration of the circumstances of the particular person or transaction.
- A Market Regulator may, upon approval by the applicable securities regulatory authority, exempt a marketplace or a class of transactions from the application of a provision of UMIR.
- The Market Regulator shall amend UMIR to reflect any exemption provided under subsection (2).
Defined Terms:
NI 14-101 section 1.1(3) – “securities legislation” and “securities regulatory authority”
UMIR section 1.1 – “Market Regulator”, “marketplace” and “UMIR”
UMIR section 1.2(2) – “person”
Regulatory History:
In connection with the recognition of IIROC and its adoption of UMIR, the applicable securities commissions approved amendments to make editorial changes. See Footnote 1 in Status of Amendments.
Effective December 9, 2013, the applicable securities commissions approved amendments to the French version of UMIR. See IIROC Notice 13-0294 - “Rules Notice – Notice of Approval and Implementation – Amendments to the French version of UMIR” (December 9, 2013).
There is no history log for this rule.