Notice of Commission Deemed Approval – Housekeeping Amendments to the Universal Market Integrity Rules (UMIR) Following Implementation of IIROC Rules – Investment Industry Regulatory Organization of Canada (IIROC)

IIROC rule review

Updated – April 16, 2020 – Revised Implementation Date. In view of the COVID-19 pandemic and to reduce regulatory burden, IIROC published a Technical Notice - 20-0079 Revised Implementation Date of the IIROC Dealer Member Plain Language Rule Book and Update on the Client Focused Reforms which revised the implementation date for the IIROC Rules. As a result, the intended implementation date of the below amendments will be December 31, 2021 or as otherwise determined by IIROC.

The Ontario Securities Commission did not object to the classification of IIROC’s proposed amendments to UMIR as housekeeping. The amendments will:

  • correct inaccurate cross-referencing and typographical mistakes, and
  • make necessary changes of an editorial nature.

The changes to UMIR are needed in order to update rule references from the previous Dealer Member Rules with the current provisions in IIROC Rules. More information on the implementation of the IIROC Rules could be found at http://www.osc.gov.on.ca.

The proposed housekeeping amendments are deemed to be approved and will become effective on June 1, 2020.

In addition, the Alberta Securities Commission, the Autorité des marchés financiers, the British Columbia Securities Commission, the Financial and Consumer Affairs Authority of Saskatchewan, the Financial and Consumer Services Commission of New Brunswick, the Manitoba Securities Commission, the Newfoundland and Labrador Office of the Superintendent of Securities, the Northwest Territories Office of the Superintendent of Securities, the Nova Scotia Securities Commission, the Nunavut Office of the Superintendent of Securities, the Office of the Yukon Superintendent of Securities, and the Prince Edward Island Office of the Superintendent of Securities did not object to the amendments.

A copy of IIROC's Notice of Approval/Implementation and the text of the approved amendments can be found at http://www.osc.gov.on.ca.