Alert:
A nationwide postal strike or lockout may occur as early as November 3, 2004. Dealer Members must take steps to ensure that document delivery requirements prescribed under CIRO Rules continue to be met.
Participants and Access Persons must file short position reports as required under UMIR 10.10. Guidance Notice 17-0241 Guidance on Short Position Calculation and Reporting sets out the process to calculate and file short position reports (Guidance)1 . This technical notice sets out:
Participants and Access Persons (each a Reporting Party) are required to calculate and file a report of the short positions in each listed and quoted security as of the 15th day and the last day of each month (calculation date) in a form as determined by IIROC (short position report). An Access Person is not required to file a report if the short position is in an account maintained by a Participant.
As of November 30, 2018, Reporting Parties must file a short position report with IIROC within two trading days following the calculation date.
Report Aggregate Short Position of Each Separate Account
A short position in a listed or quoted security which is covered by the holding of a convertible or exchangeable security is still considered to be a short position. This short position must be reported until the convertible or exchangeable security has been tendered or the account holder has issued irrevocable instructions to convert or exchange the security.
IIROC is creating an SFTP reporting portal (CSPR Portal) that Reporting Parties must use to file their short position reports. Each Reporting Party will be given a unique account to access the CSPR Portal.
In order to file a short position report through the CSPR Portal, each Reporting Party must submit a completed enrollment form to IIROC and successfully complete account set-up and file verification activities.
IIROC expects Reporting Parties to promptly engage in the enrollment process by e-mailing IIROC staff at [email protected] as soon as possible and no later than 14 days from the publication date of this notice with the following information:
IIROC will then contact the Reporting Party to establish connectivity and set out the steps for pre-production file verification. Once enrolled, each Reporting Party is responsible for notifying IIROC regarding any changes to information on the enrollment form.
Should you encounter any issues with respect to filing a short position report after November 30, 2018, please contact IIROC staff by e-mail at [email protected].
Reporting Parties must use the list of securities generated by IIROC for each calculation date to complete their short position reports. This list will be in csv format and will be available on the CSPR Portal for Reporting Parties to download and complete.
Each Reporting Party must calculate short positions as described in section 2 above and submit its short position report (in one file for all Exchanges) in csv format to IIROC through the CSPR Portal within two trading days following the calculation date. Only securities in which a Reporting Party has a short position should be included in the report filed with IIROC. If a Reporting Party does not have any short positions to report for a given reporting period, we expect the Reporting Party to submit a nil report to IIROC via the CSPR Portal. Below are examples of a completed short position report and a nil report:
Short Position Report Example:
Report Date | Security Symbol | Exchange Code | Broker Code | Security Issue Name | Short Position Volume |
20180226 | PL | TSX | 70 | PINNACLE RENEWABLE HOLDINGS INC | 1300 |
20180226 | LUN | TSX | 70 | LUNDIN MINING CORPORATION | 600 |
20180226 | EVR | TSXV | 70 | EVERTON RESOURCES INC | 500 |
20180226 | PAS | TSXV | 70 | PASCAL BIOSCIENCES INC | 3100 |
20180226 | LHS | CSE | 70 | LIBERTY HEALTH SCIENCES INC | 2300 |
20180226 | MARI | CSE | 70 | MARICANN GROUP INC | 900 |
Nil Report Example: (header included but no information provided)
Report Date | Security Symbol | Exchange Code | Broker Code | Security Issue Name | Short Position Volume |
IIROC will only accept reports in the prescribed csv format on the CSPR Portal. All other file formats will be rejected upon receipt and the Reporting Party is expected to submit a corrected report.
We will validate the file content of the short position reports against IIROC’s validation rules. IIROC will not accept a file if errors are found during the validation process. Reports that are corrected and submitted after the reporting deadline will be considered late. An acknowledgement will be sent electronically to inform a Reporting Party that its report has been received by IIROC.
IIROC intends to publish a user guide that will further detail the connectivity and technical aspects of the CSPR Portal well in advance of the effective date of the Guidance.