Securities Law

23-101 - Trading Rules [NI Amendment Advance Notice - Lapsed]

Published Date: 2008-06-20
Effective Date: 2008-09-12
Document(s):

Concurrently Published:

PART 1           AMENDMENT

 

1.1       Amendment

 

(1)        This Instrument amends National Instrument 23-101 Trading Rules.

 

(2)        Section 1.1 is amended by adding the following definition:

 

““best execution” means the most advantageous execution terms reasonably available under the circumstances;”.

 

(3)        Section 4.2 is repealed and the following is substituted:

 

“4.2 Best Execution - A dealer and an adviser must make reasonable efforts to achieve best execution when acting for a client.

 

4.3 Order and Trade Information - To satisfy the requirements in section 4.2, a dealer or adviser shall make reasonable efforts to use facilities providing information regarding orders and trades.”.

 

(4)        Section 5.1 is amended by adding “for a regulatory purpose” after “trading in a particular security”.

 

(5)        Part 11 is amended by:

 

(a)        repealing subsections 11.2(5) and (6); and

 

(b)        adding the following after section 11.2:

 

“11.3    Transmission in Electronic Form - A dealer and inter-dealer bond broker shall transmit

 

(a)        to a regulation services provider the information required by the regulation services provider, within ten business days, in electronic form; and

 

(b)        to the securities regulatory authority the information required by the securities regulatory authority under securities legislation, within ten business days, in electronic form.”.

 

1.2       Effective Date - This Instrument comes into effect on September 12, 2008.