UMIR Guidance Update Project

As part of CIRO’s Annual Priorities for fiscal 2026, we have been working on the UMIR Guidance Update Project to review and modernize all guidance notes on the Universal Market Integrity Rules (UMIR).

All guidance notes published under the UMIR Guidance Update Project will not result in any material changes to existing guidance and will not create any new compliance obligations for investment dealers that are currently in compliance with existing requirements.

The purpose of the UMIR Guidance Update Project is to make non-material changes to improve clarity and accuracy as well as update content where appropriate. This will help ensure that guidance is easier for investment dealers to find and understand and assist in compliance with UMIR.

We have organized this project into two separate phases: Phase 1 and Phase 2. Phases 1 and 2 include all currently available guidance, except for a small subset that require more substantial updating. These will be addressed separately as individual policy projects.

The changes to guidance notes in Phase 1 include:

• updating contact information and outdated references to rules or defined terms;
• making minor adjustments to ensure accuracy and consistency;
• archiving or repealing historical guidance.

The changes to guidance notes under Phase 2 are aimed at assisting investment dealers in navigating our guidance. The changes will include:

• Consolidating guidance notes on a similar subject matter into an aggregated guidance note;
• Removing repealed sections from guidance notes;
• Simplifying language where appropriate;
• Clarifying our policy stance and improving efficiencies where appropriate.

Phase 1 is now complete with the publication of 10 guidance notes as detailed here: UMIR Guidance Update Project.

We expect to publish updated guidance notes under Phase 2 intermittently throughout the rest of the 2026 fiscal year. Each guidance note published under Phase 2 will clearly indicate that it is being published as part of the UMIR Guidance Update Project and contains no material changes.

Phase 1

• GN-URPART2-25-0001 - Guidance Note - UMIR - Avoiding Double Printing in the Use of an Error Account (August 19, 2025)
• GN-URPART7-25-0001 - Guidance Note - UMIR - Solicitation of Client Orders during a Restricted Period (August 19, 2025)
• GN-URPART6-25-0001 - Guidance Note - UMIR - Trades to be on a Marketplace When Acting as Agent (August 19, 2025)
• GN-URPART7-25-0002 - Guidance Note - UMIR - Guidance Respecting Electronic Trading (August 19, 2025)
• GN-URPART9-25-0001 - Guidance Note - UMIR - Guidance on Market-wide Circuit Breakers (August 19, 2025)
• GN-URPART7-25-0003 - Guidance Note - UMIR - Guidance Respecting the Management of Stop Loss Orders (August 19, 2025)
• GN-URPART10-25-0002 - Guidance Note - UMIR - Guidance on Time Synchronization (August 19, 2025)
• GN-URPART6-25-0002 - Guidance Note - UMIR - Guidance on “Short Sale” and “Short-Marking Exempt” Order Designations (August 19, 2025)
• GN-URPART1-25-0001 - Guidance Note - UMIR - Primary Listing Exchange Designation (August 19, 2025)
• GN-URPART6-25-0003 - Guidance Note – IDPC Rules, UMIR - Guidance on Best Execution (August 19, 2025)

Phase 2

• GN-URPART1-25-0002 - Guidance Note - UMIR - Application of UMIR to the Trading Activity of an Access Person (November 5, 2025)
• GN-URPART2-25-0002 - Guidance Note - UMIR - Guidance on Double Printing (November 5, 2025)
• GN-URPART7-25-0004 - Guidance Note - UMIR - Securities Trading on Marketplaces in U.S. and Canadian Currencies (November 5, 2025)
• GN-URPart1-26-0001 - Guidance Note - UMIR - “When Issued” Trading (February 23, 2026)
• GN-URPart2-26-0001 - Guidance Note - UMIR - Entering Orders on Both Sides of the Market (February 23, 2026)
• GN-URPart2-26-0002 - Guidance Note - UMIR - Facilitation of a Client Special Settlement Trade and Double Printing (February 23, 2026)
• GN-URPart2-26-0003 - Guidance Note - UMIR - Use of Market-On-Close Facilities (February 23, 2026)
• GN-URPart6-26-0002 - Guidance Note - UMIR - “Advantages” to the Purchaser of a Security (February 23, 2026)
• GN-URPart6-26-0003 - Guidance Note - UMIR - Marker Corrections and Use of the Regulatory Marker Correction System (February 23, 2026)
• GN-URPart10-26-0001 - Guidance Note - UMIR - Guidance on Single-Stock Circuit Breakers (February 23, 2026)
• GN-URPART1-26-0002 - Guidance Note - UMIR - Sales of Restricted Securities (March 16, 2026)
• GN-URPART7-26-0003 - Guidance Note - UMIR - Trading During Certain Securities Transactions (March 16, 2026)
• GN-URPART2-26-0004 - Guidance Note - UMIR - Guidance on “Locked” and “Crossed” Markets (March 16, 2026)
• GN-URPART6-26-0004 - Guidance Note - UMIR - Guidance on “Insider” and “Significant Shareholder” Order Markers (March 20, 2026)
• GN-URPART6-26-0005 - Guidance Note - UMIR - Guidance on the Definition of “Foreign Organized Regulated Market” (March 20, 2026)
• GN-URPART6-26-0006 - Guidance Note - UMIR - Specific Questions Related to the Use of the Bypass Order Marker (March 20, 2026)
• GN-URPART6-26-0007 - Guidance Note - UMIR - Specific Questions Related to Dark Liquidity Rule Amendments (March 20, 2026)
• GN-URPART7-26-0002 - Guidance Note - UMIR - Requirements to Notify CIRO under the Electronic Trading Rule Amendments (March 20, 2026)
• GN-URPART7-26-0005 - Guidance Note - UMIR - Risk-Bid Tenders – Trading a Portfolio of Securities as Principal (March 20, 2026)
• GN-URPART2-26-0005 - Guidance Note - UMIR - Guidance Respecting Order Execution Only Accounts as a Form of Third-Party Electronic Access to Marketplaces (March 24, 2026)
• GN-URPART7-26-0004 - Guidance Note - UMIR - Guidance Respecting Third-Party Electronic Access to Marketplaces (March 24, 2026)
• GN-URPART7-26-0006 - Guidance Note - UMIR - Use of Identifiers and Notification Requirements Respecting Certain Order Execution Only and Direct Electronic Access Clients and Advisers (March 24, 2026)
• GN-URPART7-26-0007 - Guidance Note - UMIR - Guidance on Certain Manipulative and Deceptive Trading Practices (March 24, 2026)
• GN-URPART10-26-0002 - Guidance Note - UMIR - Gatekeeper Requirements For Direct Electronic Access and Routing Arrangements (March 24, 2026)
• GN-URPART7-26-0008 - Guidance Note - UMIR - Guidance on Trading Supervision Obligations (March 27, 2026)
• GN-URPART10-26-0003 - Guidance Note - UMIR - Gatekeeper Reporting Obligation (March 27, 2026)