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ARTICLE · 18 OCTOBER 2017

CSA Prohibits Sale Of Binary Options

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Subject to the necessary approvals, the Instrument will come into force on December 12, 2017.

CanadaFinance and Banking
Laura Konkel
Laura Konkel
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On September 28, 2017, the securities regulatory authorities in all Canadian jurisdictions, other than British Columbia (CSA), issued CSA Multilateral Notice of Multilateral Instrument 91-102 Prohibition of Binary Options and Related Companion Policy (Instrument) in response to an increased number of complaints received relating to the marketing of binary options. Subject to the necessary approvals, the Instrument will come into force on December 12, 2017.

The Instrument defines a "binary option" as a contract or instrument that provides for only (a) a predetermined fixed amount if the underlying interest referenced in the contract or instrument meets one or more predetermined conditions, and (b) zero or another predetermined fixed amount if the underlying interest referenced in the contract or instrument does not meet one or more predetermined conditions. The underlying interest could include a security, index, currency, precious metal, price or other thing. Some

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