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ARTICLE · 03 SEPTEMBER 2026

CSA And CIRO Issue Guidance Related To Event Contracts

McCarthy Tétrault
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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.

CanadaFinance and Banking
Canadian Securities Regulatory Monitor
Canadian Securities Regulatory Monitor
Sean Sadler
Sean Sadler
Lori Stein
Lori Stein
Daanish Pasricha
Daanish Pasricha
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CSA and CIRO Guidance on Event Contracts: Top Takeaways

  • CSA staff do not consider sports-or entertainment-based event contracts to be products that should be regulated under securities and derivatives legislation and CIRO staff do not consider it appropriate to facilitate or approve dealer-member applications to trade such products.
  • Existing CIRO authorization remains limited to specified event contracts based on economic, environmental or financial indicators and traded and cleared through certain U.S.-regulated venues.
  • Event contracts may fall within the broad definitions of securities or derivatives, yet may also be excluded from securities or derivatives, depending on the facts and circumstances.

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