Proposed Amendment to Universal Market Integrity Rules Respecting the Definition of “Short-Marking Exempt Order” – Investment Industry Regulatory Organization of Canada (IIROC)

Market Regulation Document Type
IIROC rule review

IIROC is publishing for public comment proposed amendments to Universal Market Integrity Rule 1.1. The proposed amendments would broaden the definition of “short-marking exempt order” to specifically include an order for an Exempt Exchange-trade Fund (“ETF”) or one of its underlying securities for the principal account of a Participant that is related to Marketplace Trading Obligations or where a Participant has entered into an agreement with an ETF issuer to maintain a continuous distribution of the ETF. The proposed amendments are intended to promote the uniform use of short-marking exempt orders for ETF market makers engaging in similar activities. A copy of the IIROC Notice and related guidance on short sale and short-marking exempt order designations are also published on our website at