Alert:

Canada Post continues to operate, but with expected delays in delivery. Should a strike occur, Members must take steps to ensure that document delivery requirements prescribed under CIRO Rules continue to be met.

Investor Alert

The Canadian Investment Regulatory Organization (CIRO) is warning Canadian investors not to be misled by Morgan PRE Limited (preforex[.]com).

Part 10 - Compliance

10.3 Extension of Responsibility – Repealed

Defined Terms:

UMIR section 1.1 – “Access Person”, “employee”, “Market Regulator”, “Participant” and “Requirements”

UMIR section 1.2(2) – “person”

There are no related bulletins available for this Rule.

Regulatory History:

Effective January 30, 2004, the applicable securities commissions approved an amendment to Rule 10.3 to:

renumber existing subsection (4) as subsection (5); and
insert a new subsection (4).

See Market Integrity Notice 2004-005 - “Administrative and Editorial Amendments” (January 30, 2004).

Effective December 9, 2013, the applicable securities commissions approved amendments to the French version of UMIR. See Notice 13-0294 – Notice of Approval and Implementation – “Amendments to the French version of UMIR” (December 9, 2013).

Effective September 1, 2016, the applicable securities commissions approved an amendment to repeal Rule 10.3 of UMIR as it will be replaced by consolidated rule 1403. See IIROC Notice 16-0122 – “Implementation of the consolidated IIROC Enforcement, Examination and Approval Rules” (June 9, 2016).

Disciplinary History

Disciplinary Proceedings: Rule 10.3(4) was considered In the Matter of Zoltan Horcsok (“Horcsok”) (July 18, 2005) SA 2005-003. See Disciplinary Proceedings under 7.1.

Disciplinary Proceedings: Rule 10.3(4) was considered In the Matter of Glen Grossmith (“Grossmith”) (July 18, 2005) SA 2005-004. See Disciplinary Proceedings under Rule 2.1.

Disciplinary Proceedings: Rule 10.3(1) and 10.3(4) was considered In the Matter of Scotia Capital Inc. (“Scotia”) (February 26, 2007) DN 2007-001. See Disciplinary Proceedings under Rule 6.4.

Disciplinary Proceedings: Rule 10.3(4) was considered In the Matter of Steve Horrocks (“Horrocks”) (August 5, 2009) DN 09-0229. See Disciplinary Proceedings under Rule 8.1.

Disciplinary Proceedings: Rule 10.3(4) was considered In the Matter of Clark Alexander Squires (“Squires”) (October 6, 2010) DN 10-0263. See Disciplinary Proceedings under Rule 2.1.

Disciplinary Proceedings: Rule 10.3(4) was considered In the Matter of National Bank Financial (“NBF”), Paul Clarke (“Clarke”) and Todd O’Reilly (“O’Reilly”) (January 21, 2011) DN 11-0029 and DN 11-0030. See Disciplinary Proceedings under Rule 2.1.

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:

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A unified member directory (Dealers We Regulate)
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We will continue moving items off MFDA and IIROC in 2024. Stay tuned for future updates.

Visit the Canadian Investment Regulatory Organization website