7.3 Liability for Bids, Offers and Trades

All bids and offers for securities or derivatives made and accepted on a marketplace shall be binding and all contracts thereby effected shall be subject to the exercise by the marketplace on which the trade is executed of the powers vested in the marketplace and the Market Regulator of that marketplace.
A Participant shall be responsible for all bids and offers that are entered into, or arise by operation of the trading system of a marketplace and that originate from any terminal or computer system allowing access to trading on the marketplace that is operated by or is under the control of that Participant whether or not the Participant has authorized the entry of the order.
Subject to the obligation of an Access Person for compliance with applicable provisions of UMIR and the Policies, an ATS shall be responsible for all bids and offers that are entered into, or arise by operation of the trading system of the ATS and that originate from any terminal or computer system allowing access to trading on the ATS that is operated by or is under the control of the Access Person of that ATS whether or not the Access Person has authorized the entry of the order.

Defined Terms:

NI 21-101 section 1.1 – “ATS” and “order”

NI 21-101 section 1.4 – Interpretation -- “security”

UMIR section 1.1 – “Access Person”, “derivative”, “Market Regulator”, “marketplace”, “Participant”, “Policy” and “UMIR”

UMIR section 1.2(2) – “trade”

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 an amendment to Rule 7.3 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 7.3 to extend the liability for bids, offers and trades to the trading of derivatives. 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