The Investment Industry Regulatory Organization of Canada
recently published a study on the "Impact of the Dark Rule
Amendments" which analyses the dark liquidity
framework implemented in 2012.
The objective of these amendments was to establish a framework
which balances recognition of the contribution of dark orders to
the post-trade price discovery process with the need to protect lit
market price discovery, ensure meaningful price improvement and
establish relative equality between transparent marketplaces and
dark pools. The study concludes, among other things, that the
amendments reduced dark volume in the absence of meaningful price
improvement with little deterioration in market quality and that
the objectives of the amendments were thus met.
In addition to publishing the study, IIROC announced that it will host a
roundtable on June 23, 2015 to discuss alternatives to the proposal
set out in IIROC Notice 15-0023
Re-Publication of Proposed Dark Rules Anti-Avoidance Provision. The
proposal aims to address the impact of retail orders being routed
to US broker-dealers. IIROC Notice 15-0023 was published on January
29, 2015 and proposed amendments to Rule 6.3 of the Universal Market Integrity
Rules to limit a participant's ability to execute
a small client order (i.e. 50 standard trading units or less) on a
foreign organized regulated market unless the order is entered on a
market that displays order information or executed at a
"better price", as defined in the Universal Market
Integrity Rules. The purpose of these proposed amendments were to:
(i) further the policy goal of pre-trade transparency; and (ii)
enable consistency in the requirement to obtain a better price
under the Canadian dark liquidity framework. The proposed
amendments were to help ensure that small client orders are not
bypassed by orders routed to a foreign jurisdiction that can step
ahead of Canadian orders by an amount that would be insufficient in
The content of this article is intended to provide a general
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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