Housekeeping amendments to the Universal Market Integrity Rules Regarding the Definition of Marketplace”

21-0193
Type: Rules Notice> Approval/Implementation
Rule connection:
UMIR
Distribute internally to:
Institutional
Legal and Compliance
Senior Management
Trading Desk
Retail

Contact:

Sonali GuptaBhaya
Director, Market Regulation Policy
Telephone:
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Executive Summary

On September 22, 2021, the Board of Directors of the Investment Industry Regulatory Organization of Canada (IIROC) approved housekeeping amendments to the Universal Market Integrity Rules (UMIR) as related to the definition of “marketplace” (the Amendments).

The Amendments make consequential changes to the definition of a “marketplace” in UMIR to ensure consistency with IIROC By‑law No. 1 (the By-law).

The Amendments will become effective immediately.

  1. Relevant Background

On July 2, 2021, IIROC published Notice 21-0116 - Notice of Recognizing Regulator Approval of Amendment to IIROC By-Law No. 1 Regarding the Definition of ​“Marketplace”, which revises the meaning of “marketplace” to capture the different definitions of “marketplace” under the securities and derivatives legislation of the various jurisdictions and to align with the application of their marketplace rules to different types of instruments (securities and derivatives). These changes were also approved by the IIROC Board and by a special resolution of IIROC’s Members.

  1. Summary of Amendments

The current definition of “marketplace” in UMIR is aligned with the one found in the By-law. As the amendments to the definition of “marketplace” in the By-law were approved by the IIROC Board, CSA and by a special resolution of IIROC’s Members, we needed to make consequential changes to UMIR to ensure consistency with the By-law. 

  1. Classification as “Housekeeping Rules”

We classified the Amendments as “housekeeping” because these are consequential changes that reflect corresponding amendments to the By-law, as approved by the IIROC Board, CSA and a special resolution of IIROC’s Members.

  1. Implementation

The Amendments to UMIR will become effective immediately.

  1. Appendices

Appendix A – Blackline comparison of the Amendments to UMIR

Appendix B – Clean copy of the Amendments to UMIR