Universal Market Integrity Rules (UMIR)



  Important Disclaimer


Table of Contents


Part 1 Definitions and Interpretation


1.1 Definitions


1.2 Interpretation


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3.1 Restrictions on Short Selling - repealed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


Part 4 Frontrunning


4.1 Frontrunning


Part 5 Best Execution Obligation


5.1 Best Execution of Client Orders


5.2 Best Price Obligation - repealed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 Designations 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7.8 Restrictions on Trading During a Securities Exchange Take-over Bid - repealed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 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


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10.2 Investigations - repealed


10.3 Extension of Responsibility - repealed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10.6 Exercise of Authority - repealed


10.7 Assessment of Expenses - repealed


10.8 Practice and Procedure - repealed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 and Inspection 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


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


Full text version of UMIR


Filing Status

Status of Amendments


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