Request for Comment – Proposed Amendments Respecting Mandatory Close-Out Requirements – Canadian Investment Regulatory Organization (CIRO)

CIRO rule review and notices
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CIRO is publishing for public comment proposed amendments to the Universal Market Integrity Rules (UMIR) and Investment Dealer Partially Consolidated Rules respecting mandatory close-out requirements (Proposed Amendments).

The Proposed Amendments would require applicable Dealer Members that are Investment Dealers to:

  • close out a fail-to-deliver position in the event of a settlement failure in a listed security at the recognized clearing agency by specified timelines by buying or borrowing shares,
  • pre-borrow the affected security where there has been a failure to close out by specified timelines,
  • provide certain reporting and notifications in connection with mandatory close-out requirements, and
  • have a reasonable expectation to settle on settlement date for Investment Dealer Members that are not Participants under UMIR.

A copy of the CIRO Bulletin, including the text of the Proposed Amendments, is also available on the Commission’s website at www.osc.ca. The comment period ends April 10, 2025.