SIFMA provides comments to the Investment Industry Regulatory Organization of Canada (IIROC) and the Ontario Securities Commission on IIROC Notice 11-0225 – UMIR – Provisions Respecting Dark Liquidity.  This proposal would provide a framework for the governance of “dark liquidity” in Canadian equity marketplaces. SIFMA firms express concerns with certain aspects of the proposed framework, as they may not result in what the Canadian regulators intend and thus dark liquidity and overall equity volume in Canada could be harmed as a result.