On 5 December 2024, CIRO reported approval of amendments to UMIR that support and clarify short selling framework; no changes to the proposed amendments were made.

• Added clarifications to Proposed Guidance in response to comments, industry consult.
• New positive requirement for reasonable expectation to settle not higher standard compared to prohibition against trading without reasonable expectation to settle.
• Rule amendments do not mandate the use of easy-to-borrow lists (ETB lists).
• Existence of failed trade does not, by itself, mean participant or access person did not have reasonable expectation to settle on settlement date prior to time of order entry.
• Redline and clean versions of amendments to UMIR provided in Appendix A and Appendix B, respectively; also summary of comments and responses in Appendix C.
• Concurrently issued final guidance, Bulletin GN-URPart3-24-0002, on short selling and failed trades, Guidance on UMIR Requirements Related to Short Selling, Failed Trades.
• Amendments and guidance effective on 4April 2025, being 120 days after publication.