The Ontario Securities Commission reports that the Ontario Minister of finance has approved revisions to the trading rules that will update best execution obligations.

A notice from the OSC indicates that on August 12, the finance minister approved amendments to the rules dealing with alternative trading systems. The amendments were published in June, and will come into force in Ontario on September 12.

The Universal Market Integrity Rules have also been revised by the Investment Industry Regulatory Organization of Canada concerning various aspects of best execution. These amendments also take effect September 12.

The rule changes were initially published for comment along with other proposed amendments in 2007. That publication dealt with three major topics: best execution, access to marketplaces, and trade-through protection. However regulators have since decided to deal with the three issues separately.

The rule and policy changes that are now being adopted primarily deal with best execution, along with some other changes, including one related to the electronic audit trail provisions. Regulators intend to propose amendments dealing with trade-through protection and rules related to access to marketplaces separately.