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Canadian Investment Regulatory Organization (CIRO) - Rules Bulletin - Request for Comments - Proposed Amendments Respecting Net Asset Value Orders and Intentional Crosses

CIRO - Rules Bulletin - Request for Comments - Proposed Amendments Respecting Net Asset Value Orders and Intentional Crosses
CIRO - Proposed Amendments to UMIR (Clean)
CIRO - Proposed Amendments to UMIR (Blackline)

The Canadian Investment Regulatory Organization (CIRO) is publishing, for a 90-day comment period, proposed amendments to UMIR respecting NAV and intentional crosses. The proposed amendments to UMIR would:

  • increase transparency around execution of certain orders in Exempt Exchange Traded Funds (ETFs) where the execution price of the order references the NAV of the ETF as published by the issuer of the ETF in accordance with applicable securities legislations,
  • remove wording in the definition of “intentional cross” that precludes a trade from being an intentional cross where one side of the trade is jitney,
  • add and amend various definitions and provisions in UMIR regarding NAV and intentional cross.

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

Comment Period Expires: October 18, 2024

Published: July 18, 2024