The Ontario Securities Commission is seeking comments on a proposed rule from Market Regulation Services Inc., which would make it an offense to obstruct an investigation.

RS’ board has approved the amendments to the Universal Market Integrity Rules (UMIR) to:

  • specifically make it an offence to impede or obstruct a market regulator in an investigation, proceeding or the exercise of a power;
  • require that a person who is subject to the jurisdiction of UMIR shall respond to a request by a regulator within a specified time; and
  • adopt a definition of “document” and clarify that records which must be provided by a regulated person during an investigation are not limited to “records” as contemplated by the audit trail and retention requirements.



The amendment to UMIR will be effective upon approval by the securities commissions following public notice and comment. Comments on the proposed amendments are due by September 13.