Canadian Investment Regulatory Organization (CIRO) - Amendments Respecting Net Asset Value Orders and Intentional Crosses

CIRO - Rules Bulletin - Amendments Respecting Net Asset Value Orders and Intentional Crosses
CIRO - Notice of BCSC non-objection to proposed amendments to Canadian Investment Regulatory Organization (CIRO)’s proposed amendments Respecting Net Asset Value Orders and Intentional Crosses
CIRO - Proposed Amendments to UMIR [Blackline Proposed Amendments to UMIR- Appendix 2]
CIRO - Proposed Amendments to UMIR [Clean Proposed Amendments to UMIR - Appendix 3]

This Notice announces the BCSC’s non-objection to CIRO’s proposed amendments to Universal Market Integrity Rules (UMIR) respecting net asset value and intentional crosses (the Amendments). The Amendments modernize the definition of an intentional cross and increases transparency where the execution price of trades in ETFs references net asset value. The amendments will be effective January 13, 2026.

Published: July 17, 2025