Universal Market Integrity Rules
The Universal Market Integrity Rules (UMIR) set out the requirements applicable to CIRO Participant Members, Access Persons and Marketplaces for securities-related trading activities on all marketplaces that we regulate.
List of Protected and Unprotected Marketplaces
- Effective as of April 1, 2024
- Effective as of April 1, 2023
- April 2021 - March 2022
- April 2020 - March 2021
Supporting Rule Resources
Documents
UMIR Rules
- 7.1 Trading Supervision Obligations
- 7.2 Proficiency Obligations
- 7.3 Liability for Bids, Offers and Trades
- 7.4 Contract Record and Official Transaction Record
- 7.5 Recorded Prices
- 7.6 Cancelled Trades
- 7.7 Trading During Certain Securities Transactions
- 7.8 Restrictions on Trading During a Securities Exchange Take‑over Bid – Repealed
- 7.9 Trading in Listed or Quoted Securities or Derivatives by a Derivatives Market Maker
- 7.10 Extended Failed Trades
- 7.11 Variation and Cancellation and Correction of Trades
- 7.12 Inability to Rely on Marketplace Functionality
- 7.13 Direct Electronic Access and Routing Arrangements
- 7.14 Position limits for listed derivatives
- 10.1 Compliance Requirement
- 10.2 Investigations – Repealed
- 10.3 Extension of Responsibility – Repealed
- 10.4 Extension of Restrictions
- 10.5 Suspension or Restriction of Access
- 10.6 Exercise of Authority – Repealed
- 10.7 Assessment of Expenses – Repealed
- 10.8 Practice and Procedure – Repealed
- 10.9 Power of Market Integrity Officials
- 10.10 Report of Short Positions
- 10.11 Audit Trail Requirements
- 10.12 Retention of Records and Instructions
- 10.13 Exchange and Provision of Information by Market Regulators
- 10.14 Synchronization of Clocks
- 10.15 Assignment of Identifiers and Symbols
- 10.16 Gatekeeper Obligations of Directors, Officers and Employees of Participants and Access Persons
- 10.17 Gatekeeper Obligations with Respect to Electronic Trading
- 10.18 Gatekeeper Obligations with Respect to Access to Marketplaces
- 10.19 Reporting limits for listed derivatives
- 11.1 General Exemptive Relief
- 11.2 General Prescriptive Power
- 11.3 Review or Appeal of Market Regulator Decisions
- 11.4 Method of Giving Notice
- 11.5 Computation of Time
- 11.6 Waiver of Notice
- 11.7 Omissions or Errors in Giving Notice
- 11.8 Transitional Provisions – Repealed
- 11.9 Non-Application of UMIR
- 11.10 Indemnification and Limited Liability of the Market Regulator
- 11.11 Status of UMIR and Policies