CIRO – Proposed Amendments Respecting the Reasonable Expectation to Settle a Short Sale

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The Canadian Investment Regulatory Organization (CIRO) is proposing to support and clarify the short selling framework under UMIR by:

adding a new positive requirement in UMIR 3.3 to have prior to order entry, a reasonable
expectation to settle on settlement date any order that upon execution would be a short
sale
adding supervisory and gatekeeper requirements pertaining to the proposed requirement
in UMIR 3.3
consolidating other current provisions related to short selling to a common location
within UMIR (Proposed Amendments).