CANADA: IIROC publishes guidance on Canada Short Sale and Canada Short-Marking Exempt order designations

Thursday October 11 2012

IIROC has published a Rules Notice provides guidance on the marking of orders pursuant to UMIR to include “Canada short sale” and “Canada short-marking exempt” order designations. Any order to sell a security which the seller does not own either directly or through an agent or trustee must be marked “short” at the time of entry to a marketplace. An exception to this requirement is when the order is from an account for which purchase and sell orders are designated as “short-marking exempt”.

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