7.2 Proficiency Obligations

No order to purchase or sell a security or a derivative 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.
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”, “derivative”, “employee”, “Exchange”, “Market Regulator”, “marketplace”, “Participant”, “Policy”, “QTRS” and “UMIR”

Bulletins

Application of UMIR to the Trading Activity of an Access Person

November 5, 2025

Guidance Note

GN-URPART1-25-0002

Rule History

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.

Effective December 14, 2022, the applicable securities commissions approved amendments to UMIR 7.2 to expand proficiency obligations to the trading of derivatives on a marketplace. See IIROC Notice 22-0140 – “Amendments Respecting the Trading of Derivatives on a Marketplace” (September 15, 2022).

Disciplinary History

There is no history log for this rule.

Part 1 - Definitions and Interpretation

1.1 Definitions

1.2 Interpretation

1.3 Transitional Provision

Part 2 - Abusive Trading

2.1 Specific Unacceptable Activities

2.2 Manipulative and Deceptive Activities

2.3 Improper Orders and Trades

Part 3 - Short Selling

3.1 Restrictions on Short Selling – Repealed