10.18 Gatekeeper Obligations with Respect to Access to Marketplaces

    1. A marketplace that has provided access to a Participant or Access Person shall forthwith report to the Market Regulator the fact that the marketplace:
      1. has terminated the access of the Participant or Access Person to the marketplace; or
      2. knows or has reason to believe that the Participant or Access Person has or may have breached a material provision of any Marketplace Rule or agreement pursuant to which the Participant or Access Person was granted access to the marketplace.
    2. A Participant that has provided access to a marketplace pursuant to direct electronic access or through a routing arrangement shall forthwith report to the Market Regulator the fact that the Participant:
      1. has terminated the access of the client under the arrangement for direct electronic access or of the investment dealer or foreign dealer equivalent through a routing arrangement; or
      2. knows or has reason to believe that the client, investment dealer or foreign dealer equivalent  has or may have breached a material provision of:
        1. any standard established by the Participant for the granting of direct electronic access or a routing arrangement, or
        2. the written agreement between the Participant and the client regarding the direct electronic access, or the investment dealer or foreign dealer equivalent regarding a routing arrangement.

    Defined Terms:

    NI 31-103 section 1.1 – “investment dealer”

    UMIR section 1.1 – “Access Person”, “direct electronic access”, “foreign dealer equivalent”, “Market Regulator”, “marketplace”, “Marketplace Rule”, “Participant” and “routing arrangement”

    Related Provisions:

    UMIR section 7.13

     

    There are no related Guidance/Notice documents available for this Rule.

    Regulatory History:

    On July 4, 2013 the applicable securities commissions approved an amendment, effective March 1, 2014 to add Rule 10.18. See IIROC Notice 13‑0184 – “Provisions Respecting Third-Party Electronic Access to Marketplaces” (July 4, 2013).

    There is no history log for this rule.
    Part 1 - Definitions and Interpretation
    Part 2 - Abusive Trading
    Part 3 - Short Selling
    Part 4 - Frontrunning
    Part 5 - Best Execution Obligation
    Part 6 - Order Entry and Exposure
    Part 7 - Trading in a Marketplace
    Part 8 - Principal Trading
    Part 9 - Trading Halts, Delays and Suspensions
    Part 10 - Compliance
    Part 11 - Administration of UMIR