Amendments Respecting the Reporting of Certain Trades to Acceptable Foreign Trade Reporting Facilities

On  July 31, 2018, the applicable securities regulatory authorities approved amendments to UMIR (Amendments).  Among other things, the Amendments:

• introduce a definition of “acceptable foreign trade reporting facility”
• add a new provision to UMIR 6.4(2) that would allow the following trades in a listed security or quoted security to be reported to an acceptable foreign trade repoting facility:
  • over 50 standard trading units and $100,000 in value
  • originating from a contingent order related to a derivative transaction where the derivative transaction occurs outside of Canada and the trade in the listed security or quoted secrutiy is handled by the same intermediary as the derivative transaction (derivative-related contingent order).

On April 21, 2016 IIROC published for comment proposed changes relating to acceptable foreign trade reporting facilities in IIROC Notice 16‑0082 - Proposed Amendments Respecting the Reporting of Certain Trades on Acceptable Foreign Trade Reporting.  In response to comments received and further industry consultation, we re-published proposed rule changes for comment on May 25, 2017 in IIROC Rules Notice 17‑0111 Re-publication of Proposed Amendments Respecting the Reporting of Certain Trades to Acceptable Foreign Trade Reporting Facilities (2017 Proposed Amendments).  All relevant background information, including the description and impact of the Amendments, is set out in these Notices.

We have not made any changes to the 2017 Proposed Amendments.

The Amendments are effective on November 7, 2018.