7.2 Proficiency Obligations

    1. No order to purchase or sell a security shall be entered by a Participant on a marketplace unless the Participant or the director, officer, partner or employee of the Participant entering the order or responsible for the order has:
      1. completed the Trader Training Course of the Canadian Securities Institute or such course, examination or other means of demonstrating proficiency in UMIR and Policies as may be acceptable to the Market Regulator of the marketplace on which the order is entered or the applicable securities regulatory authority; or
      2. received approval of an Exchange or QTRS for the entry of orders to the trading system of that Exchange or QTRS.
    2. A marketplace shall ensure that each Access Person with access to that marketplace is trained in such provisions of UMIR and such Policies as may be applicable to an Access Person.

    Defined Terms:

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

    NI 21-101 section 1.1 – “order”

    NI 21-101 section 1.4 – Interpretation -- “security”

    UMIR section 1.1 – “Access Person”, “employee”, “Exchange”, “Market Regulator”, “marketplace”, “Participant”, “Policy”, “QTRS” and “UMIR” 

     

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

     Regulatory History:  

    In connection with the recognition of IIROC and its adoption of UMIR, the applicable securities commissions approved amendments to Rule 7.2 that came into force on June 1, 2008 to make editorial changes.  See Footnote 1 of Status of Amendments.

    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