IIROC published guidance yesterday that will
expand its implementation of single-stock circuit breakers.
As we discussed in February 2012, under
IIROC's current guidance on single-stock circuit breakers,
securities that are part of the S&P/TSX Composite Index, as
well as ETFs comprised principally of listed securities, will be
halted for trading where there has been a price increase or
decline of at least 10% in a five minute period. The circuit
breaker initially halts the particular security for five minutes,
and this time may be extended for a further five minute period if a
significant imbalance of buy and sell orders remain. The
circuit breaker only applies between 9:50 a.m. and 3:30 p.m.
Under the new guidance, single-stock circuit breakers will also
now apply to securities that are considered
"actively-traded". Actively traded securities are those
that are traded at least 500 times per trading day and have an
average trading value of at least $1.2 million per trading day, in
total across marketplaces, during the preceding three calendar
The trigger is also being modified so as to require price
volatility of at least 10% and 20 trading increments
in a five minute period to avoid inappropriately triggering a
circuit breaker for lower-valued securities. Meanwhile, the
post-open period (9:30 a.m. to 9:50 a.m.),
which IIROC characterizes as a time of natural
volatility, and the 30 minute period following the resumption
of trading after a regulatory halt, will now be covered by a
trigger that applies in the event of a price increase or decline of
at least 20% and 40 trading increments in a five-minute
The new guidance will come into effect on February 2, 2015. For
more information, see IIROC Notice 14-0170.
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guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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Under the Income Tax Act, the Employment Insurance Act, and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions or GST.
Under the Income Tax Act, the Employment Insurance Act, the Canada Pension Plan Act and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions.
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