On April 9, 2008, the Investment Industry Regulatory Organization of Canada published a notice regarding "locked" and "crossed" markets in the context of a dealer's obligations under the Universal Market Integrity Rules (UMIR). The guidance is intended to reflect the amendments to UMIR with respect to "best execution" and "best price" obligations, supplement and reaffirm certain guidance provided in Market Integrity Notice 2008-010 Complying with "Best Price" Obligations and provide guidance "with respect to the inappropriateness of certain recent practices associated with 'rebate arbitrage'."