Canadian Investment Regulatory Organization (CIRO) – Request for Comments – Proposed Rule Amendments Respecting the Reasonable Expectation to Settle a Short Sale

CIRO Proposed Rule Amendments Settle a Short Sale Request for Comment January 11 2024

The Canadian Investment Regulatory Organization (CIRO) is publishing for comment, for a 90-day period, proposed amendments to the Universal Market Integrity Rules (UMIR) respecting short sales. The proposed amendments are to introduce a new requirement in UMIR 3.3 to have a reasonable expectation to settle a short sale along with supervisory and gatekeeper requirements pertaining to the new requirement. Other amendments are to consolidate current provisions related to short selling to a common location within UMIR.

CIRO’s notice sets out the process for submitting comments.

Comment Period Expires: April 12, 2024

Published: January 11, 2024