Alert:

A nationwide postal strike or lockout may occur as early as May 22, 2025. Dealer Members must take steps to ensure that document delivery requirements prescribed under CIRO Rules continue to be met.

Part 10 - Compliance

10.18 Gatekeeper Obligations with Respect to Access to Marketplaces

A marketplace that has provided access to a Participant or Access Person shall forthwith report to the Market Regulator the fact that the marketplace:
1. has terminated the access of the Participant or Access Person to the marketplace; or
2. knows or has reason to believe that the Participant or Access Person has or may have breached a material provision of any Marketplace Rule or agreement pursuant to which the Participant or Access Person was granted access to the marketplace.
A Participant that has provided access to a marketplace pursuant to direct electronic access or through a routing arrangement shall forthwith report to the Market Regulator the fact that the Participant:
1. has terminated the access of the client under the arrangement for direct electronic access or of the investment dealer or foreign dealer equivalent through a routing arrangement; or
2. knows or has reason to believe that the client, investment dealer or foreign dealer equivalent has or may have breached a material provision of:
  1. any standard established by the Participant for the granting of direct electronic access or a routing arrangement, or
  2. the written agreement between the Participant and the client regarding the direct electronic access, or the investment dealer or foreign dealer equivalent regarding a routing arrangement.

Defined Terms:

NI 31-103 section 1.1 – “investment dealer”

UMIR section 1.1 – “Access Person”, “direct electronic access”, “foreign dealer equivalent”, “Market Regulator”, “marketplace”, “Marketplace Rule”, “Participant” and “routing arrangement”

Related Provisions:

UMIR section 7.13

There are no related bulletins available for this Rule.

Regulatory History:

On July 4, 2013 the applicable securities commissions approved an amendment, effective March 1, 2014 to add Rule 10.18. See IIROC Notice 13-0184 - “Provisions Respecting Third-Party Electronic Access to Marketplaces” (July 4, 2013).

Disciplinary History

There is no history log for this rule.

Part 1 - Definitions and Interpretation

1.1 Definitions

1.2 Interpretation

1.3 Transitional Provision

Part 2 - Abusive Trading

2.1 Specific Unacceptable Activities

2.2 Manipulative and Deceptive Activities

2.3 Improper Orders and Trades

Part 3 - Short Selling

3.1 Restrictions on Short Selling – Repealed

3.2 Prohibition on the Entry of Orders

3.3 Reasonable expectation to settle prior to the entry of an order for a short sale

3.4 Short Selling after a Reportable Extended Failed Trade

Part 4 - Frontrunning

4.1 Frontrunning

Part 5 - Best Execution Obligation

5.1 Best Execution of Client Orders – Repealed

5.2 Best Price Obligation – Repealed

5.3 Client Priority

Part 6 - Order Entry and Exposure

6.1 Entry of Orders to a Marketplace

6.2 Designation and Identifiers

6.3 Exposure of Client Orders

6.4 Trades to be on a Marketplace

6.5 Minimum Size Requirements of Certain Orders Entered on a Marketplace

6.6 Provision of Price Improvement by a Dark Order

Part 7 - Trading in a Marketplace

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

Part 8 - Principal Trading

8.1 Client-Principal Trading

Part 9 - Trading Halts, Delays and Suspensions

9.1 Regulatory Halts, Delays and Suspensions of Trading

Part 10 - Compliance

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

Part 11 - Administration of UMIR

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

Welcome to CIRO.ca!

You can find the Canadian Investment Regulatory Organization (CIRO) at CIRO.ca with our fresh look and feel.

The following sections of the legacy mfda.ca and iiroc.ca sites have been migrated to ciro.ca:

Enforcement
Hearings
Consultations
A unified member directory (Dealers We Regulate)
Advisor Report

We will continue moving items off MFDA and IIROC in 2024. Stay tuned for future updates.

Visit the Canadian Investment Regulatory Organization website