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Universal Market Integrity Rules
The Universal Market Integrity Rules (UMIR) set out the requirements applicable to CIRO Participant Members, Access Persons and Marketplaces for securities-related trading activities on all marketplaces that we regulate.
Download Universal Market Integrity Rules
Last updated by: January 13, 2026
UMIR Guidance Update Project
The purpose of the UMIR Guidance Update Project is to make non-material changes to improve clarity and accuracy as well as update content where appropriate. This project aims to make it easier for investment dealers to find and understand, and assist in compliance with UMIR.
There are two Phases to this project and all Guidance Notes that are updated are collected on this webpage.
List of Protected and Unprotected Marketplaces
- Effective as of April 1, 2024
- Effective as of April 1, 2023
- April 2021 - March 2022
- April 2020 - March 2021
Supporting Rule Resources
Documents
UMIR Rules
- 7.1 Trading Supervision Obligations
- 7.2 Proficiency Obligations
- 7.3 Liability for Bids, Offers and Trades
- 7.4 Contract Record and Official Transaction Record
- 7.5 Recorded Prices
- 7.6 Cancelled Trades
- 7.7 Trading During Certain Securities Transactions
- 7.8 Restrictions on Trading During a Securities Exchange Take‑over Bid – Repealed
- 7.9 Trading in Listed or Quoted Securities or Derivatives by a Derivatives Market Maker
- 7.10 Extended Failed Trades
- 7.11 Variation and Cancellation and Correction of Trades
- 7.12 Inability to Rely on Marketplace Functionality
- 7.13 Direct Electronic Access and Routing Arrangements
- 7.14 Position limits for listed derivatives
- 10.1 Compliance Requirement
- 10.2 Investigations – Repealed
- 10.3 Extension of Responsibility – Repealed
- 10.4 Extension of Restrictions
- 10.5 Suspension or Restriction of Access
- 10.6 Exercise of Authority – Repealed
- 10.7 Assessment of Expenses – Repealed
- 10.8 Practice and Procedure – Repealed
- 10.9 Power of Market Integrity Officials
- 10.10 Report of Short Positions
- 10.11 Audit Trail Requirements
- 10.12 Retention of Records and Instructions
- 10.13 Exchange and Provision of Information by Market Regulators
- 10.14 Synchronization of Clocks
- 10.15 Assignment of Identifiers and Symbols
- 10.16 Gatekeeper Obligations of Directors, Officers and Employees of Participants and Access Persons
- 10.17 Gatekeeper Obligations with Respect to Electronic Trading
- 10.18 Gatekeeper Obligations with Respect to Access to Marketplaces
- 10.19 Reporting limits for listed derivatives
- 11.1 General Exemptive Relief
- 11.2 General Prescriptive Power
- 11.3 Review or Appeal of Market Regulator Decisions
- 11.4 Method of Giving Notice
- 11.5 Computation of Time
- 11.6 Waiver of Notice
- 11.7 Omissions or Errors in Giving Notice
- 11.8 Transitional Provisions – Repealed
- 11.9 Non-Application of UMIR
- 11.10 Indemnification and Limited Liability of the Market Regulator
- 11.11 Status of UMIR and Policies
UMIR Bulletins
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