UMIR Guidance Update Project

As part of CIRO’s Annual Priorities for fiscal 20261, we have been working on the UMIR Guidance Update Project to review and modernize all guidance notes on the Universal Market Integrity Rules (UMIR).

The purpose of the UMIR Guidance Update Project is to make non-material changes to improve clarity and accuracy as well as update content where appropriate. This will help ensure that guidance is easier for investment dealers to find and understand and assist in compliance with UMIR.

We have organized this project into two separate phases: Phase 1 and Phase 2. Phases 1 and 2 include all currently available guidance, except for a small subset that require more substantial updating. These will be addressed separately as individual policy projects.

Phase 1 is now complete with the publication of 10 guidance notes today as detailed in the Appendix. The table of concordance is also being published for ease of reference. The changes to these guidance notes include:

• updating contact information and outdated references to rules or defined terms
• making minor adjustments to ensure accuracy and consistency
• archiving or repealing historical guidance.

Under Phase 2, to assist investment dealers in navigating our guidance, we will look for opportunities to:

• consolidate guidance notes on a similar subject matter into an aggregated guidance note
• remove repealed sections from guidance notes
• simplify language where appropriate
• clarify our policy stance and improve efficiencies where appropriate.

All guidance notes published under the UMIR Guidance Update Project will not result in any material changes to existing guidance and will not create any new compliance obligations for investment dealers that are currently in compliance with existing requirements.

We expect to publish updated guidance notes under Phase 2 intermittently throughout the rest of the 2026 fiscal year. Each guidance note published under Phase 2 will clearly indicate that it is being published as part of the UMIR Guidance Update Project and contains no material changes.

Each updated guidance note will be published using the current number system for guidance notes relating to CIRO requirements. For example, “GN-URPart3-24-0002” refers to:

• “GN” refers to Guidance Note
• “UR” refers to UMIR
• “Part 3” indicates Part 3 of UMIR on Short Selling
• “24” refers to the year the guidance note became effective
• “0002” refers to the chronology of guidance published on this section of the UMIR rulebook.

Appendix – Phase 1 Guidance Notes

As part of Phase 1 of the UMIR Guidance Update Project, the following guidance notes are being published:

• GN-URPART2-25-0001 - Rules Notice – Guidance Note - UMIR - Avoiding Double Printing in the Use of an Error Account (August 19, 2025)
• GN-URPART7-25-0001 - Rules Notice – Guidance Note - UMIR - Solicitation of Client Orders during a Restricted Period (August 19, 2025)
• GN-URPART6-25-0001 - Rules Notice – Guidance Note - UMIR - Trades to be on a Marketplace When Acting as Agent (August 19, 2025)
• GN-URPART7-25-0002 - Rules Notice – Guidance Note - UMIR - Guidance Respecting Electronic Trading (August 19, 2025)
• GN-URPART9-25-0001 - Rules Notice – Guidance Note - UMIR - Guidance on Market-wide Circuit Breakers (August 19, 2025)
• GN-URPART7-25-0003 - Rules Notice – Guidance Note - UMIR - Guidance Respecting the Management of Stop Loss Orders (August 19, 2025)
• GN-URPART10-25-0002 - Rules Notice – Guidance Note - UMIR - Guidance on Time Synchronization (August 19, 2025)
• GN-URPART6-25-0002 - Rules Notice – Guidance Note - UMIR - Guidance on “Short Sale” and “Short-Marking Exempt” Order Designations (August 19, 2025)
• GN-URPART1-25-0001 - Rules Notice – Guidance Note - UMIR - Primary Listing Exchange Designation (August 19, 2025)
• GN-URPART6-25-0003 - Rules Notice – Guidance Note – IDPC Rules, UMIR - Guidance on Best Execution (August 19, 2025)

• 1CIRO’s 2026 Annual Priorities