Canada: Securities

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Article
Prediction Markets: Evolving Regulation In Canada
Surging trading volumes, rapid regulatory change and well-publicized controversies in respect of United States prediction markets have brought new prominence to the regulation of prediction markets. Until this year, there had been no formal guidance provided for businesses looking to offer trading in prediction market contracts (also referred to as “event contracts”) in Canada in accordance with existing regulatory frameworks, and, in particular, there has been significant uncertainty concerning the application of securities law restrictions to the trading of event contracts.
Canada Finance
BC
Blake, Cassels & Graydon LLP
Article
Prediction Markets And IGaming Update: Forecasting More Developments Ahead
Canadian securities regulators have drawn a clear line excluding sports and entertainment prediction markets from securities regulation, leaving provincial gaming authorities to develop frameworks for these emerging platforms. Meanwhile, Quebec's political landscape suggests a potential opening of its iGaming market, and the Supreme Court prepares to rule on whether Ontario operators can legally connect players internationally through pooled liquidity arrangements.
Canada Commercial
BL
Borden Ladner Gervais LLP
Article
Le point sur les dispenses accordées par l’OCRI en 2025 : considérations clés pour les courtiers et les personnes autorisées
L'OCRI continue d'utiliser des dispenses pour relever les défis pratiques liés à la réglementation des courtiers membres. Les dispenses accordées en 2025 visaient plusieurs domaines récurrents, notamment les activités de négociation, la double inscription, les cryptoactifs, le prêt de titres et l'assurance des compétences, démontrant une approche de réglementation fondée sur des principes et la proportionnalité.
Canada Finance
MT
McCarthy Tétrault LLP
Article
Did You Have Rye Patch Gold Corp. Shares Acquired By Alio Gold Inc.?
A British Columbia Supreme Court has issued a determination in a class action lawsuit against Alio Gold Inc., where shareholders alleged the company made negligent and fraudulent misrepresentations regarding its 2018 gold production projections during its acquisition of Rye Patch Gold Corp. The court found in favor of Alio Gold on all common issues, determining that no misrepresentations or omissions occurred and that shareholders suffered no damages as a result of the transaction.
Canada Litigation
MA
MLT Aikins LLP
Article
CSA And CIRO Issue Guidance Related To Event Contracts
The Canadian Securities Administrators and CIRO have issued guidance clarifying their regulatory stance on event contracts and prediction markets. While declining jurisdiction over sports and entertainment-based contracts, regulators maintain oversight of event contracts tied to economic and financial indicators, creating a nuanced framework that requires careful analysis of each product's structure and underlying event.
Canada Finance
MT
McCarthy Tétrault LLP
Article
Speculation Or Security: Canada’s Evolving Regulatory Framework For Prediction Markets
Canadian securities regulators have established a limited framework for prediction markets, restricting which event contracts can be offered to investors and under what conditions. While certain economic and financial forecasts may be traded through authorized dealers, contracts based on political events, sports, or entertainment remain prohibited, and compliance with securities law does not resolve potential exposure under criminal gambling provisions.
Canada Finance
ML
McMillan LLP
Article
Canadian Securities Administrators Propose New Amendments To The Listed Issuer Financing Exemption (LIFE)
The Canadian Securities Administrators have proposed significant amendments to the Listed Issuer Financing Exemption that would permanently codify increased financing limits up to $50 million and introduce greater flexibility for reporting issuers seeking capital. These changes build on the success of a temporary blanket order that dramatically increased both the number of offerings and average capital raised, while introducing new provisions for marketed offerings, successor issuers, and streamlined disclo
Canada Commercial
BL
Borden Ladner Gervais LLP
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