On January 27, 2012, the Investment Industry Regulatory Organization of Canada (IIROC) issued Notice 12-0029, providing guidance in connection with the processes that must be followed to obtain exemption from, or an interpretation of, a provision of the Universal Market Integrity Rules (UMIR). IIROC guidelines state that such requests may be sought by electronic means, through email, and by telephone. A request must generally be accompanied by certain contextual information, including facts giving rise to same. IIROC staff will follow up with a written ruling in cases where an exemption request has been allowed or denied. The notice also provides guidance as to circumstances under which IIROC may grant an exemption with respect to requests that a dealer be able to act as principal or agent in respect of an "off-marketplace" trade. Generally, the granting of such exemptions depends on whether the execution of the trade on a marketplace would be disruptive of a fair and orderly market or impractical.
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