11.1 General Exemptive Relief

    1. A Market Regulator may exempt a specific transaction from the application of a provision of UMIR, if in the opinion of the Market Regulator, the provision of such exemption:
      1. would not be contrary to the provisions of any applicable securities legislation and the regulation and rules thereunder;
      2. would not be prejudicial to the public interest or to the maintenance of a fair and orderly market; and 
      3. is warranted after due consideration of the circumstances of the particular person or transaction.
    2. A Market Regulator may, upon approval by the applicable securities regulatory authority, exempt a marketplace or a class of transactions from the application of a provision of UMIR.
    3. The Market Regulator shall amend UMIR to reflect any exemption provided under subsection (2).

    Defined Terms:

    NI 14-101 section 1.1(3) – “securities legislation” and “securities regulatory authority”

    UMIR section 1.1 – “Market Regulator”, “marketplace” and “UMIR”

    UMIR section 1.2(2) – “person”

    Regulatory History:

    In connection with the recognition of IIROC and its adoption of UMIR, the applicable securities commissions approved amendments to make editorial changes.  See Footnote 1 in Status of Amendments.

    Effective December 9, 2013, the applicable securities commissions approved amendments to the French version of UMIR. See IIROC Notice 13‑0294 - “Rules Notice – Notice of Approval and Implementation – Amendments to the French version of UMIR” (December 9, 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