Securities Law

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

Published Date: 2008-06-20
Effective Date: 2008-09-12

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(3)        Section 4.2 is repealed and the following is substituted: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