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ARTICLE · 19 DECEMBER 2024

Canadian Securities Administrators Issue Notice On Use Of Artificial Intelligence

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On December 5, 2024, the Canadian Securities Administrators (CSA) published CSA Staff Notice and Consultation 11-348: Applicability of Canadian Securities Laws and the use of Artificial Intelligence

CanadaCorporate/Commercial Law
Stephen D. Burns
Stephen D. Burns
Kristopher R. Hanc
Kristopher R. Hanc
J. Sébastien Gittens
J. Sébastien Gittens
David Wainer
David Wainer
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On December 5, 2024, the Canadian Securities Administrators (CSA) published CSA Staff Notice and Consultation 11-348: Applicability of Canadian Securities Laws and the use of Artificial Intelligence Systems in Capital Markets (the Notice). This document offers guidance on how securities legislation applies to the use and implementation of artificial intelligence (AI) by market participants.

In issuing the Notice, the CSA highlights several "overarching themes" regarding the use of AI systems in capital markets. For example, the Notice states that "it is important to note that it is the activity being conducted, not the technology itself, that is regulated"—underscoring the technology-neutral nature of Canadian securities laws. The Notice also urges market participants to develop and implement robust governance and risk management practices when deploying AI systems. Importantly, the Notice recognizes that certain AI systems have lower levels of explainability and

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