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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 Just and Equitable Principles

 

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3.1 Restrictions on Short Selling - repealed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5.2 Best Price Obligation - repealed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7.8 Restrictions on Trading During a Securities Exchange Take-over Bid - repealed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

 

10.3 Extension of Responsibility

 

10.4 Extension of Restrictions

 

10.5 Powers and Remedies

 

10.6 Exercise of Authority

 

10.7 Assessment of Expenses

 

10.8 Practice and Procedure

 

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 Access
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 of 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

 

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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