The Investment Industry Regulatory Organization of Canada (IIROC) has published amendments to its trading rules to conform with changes to best execution obligations that are being made by the provincial regulators.

The amendments:

> conform requirements under IIROC’s trading rules consistent with changes by the Canadian Securities Administrators to its trading rules;

> clarify the circumstances when a market participant should consider order and trade information from a foreign market; and

> to clarify that obtaining “best execution” remains subject to “best price” obligations.

Along with changing definitions, the amendments provide clarification of:

> the general and specific general factors to be considered in providing best execution; and

> the additional factors that may be considered when determining whether to execute on a foreign market.

Tey also alter the policy dealing with trading supervision obligations to clarify the requirement that firms’ procedures should outline the process used to obtain best execution and permit an evaluation of whether best execution was obtained on the execution of a particular client order.

On June 20, the CSA published its best execution amendments, which are expected to become effective on September 12. The IIROC changes will take effect then, too.