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ARTICLE · 09 MARCH 2023

Canadian Securities Administrators Announce Enhanced Pre-Registration Undertaking Requirements For Crypto Trading Platforms

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Further to its December 12, 2022 announcement, the Canadian Securities Administrators (CSA) published Staff Notice 21-332 – Crypto Asset Trading Platforms: Pre-Registration Undertakings...

CanadaTechnology
David Conklin
David Conklin
Owen Gaffney
Owen Gaffney
Allan Goodman
Allan Goodman
Francesca Guolo
Francesca Guolo
Kyle Jacobson
Kyle Jacobson
Michael Partridge
Michael Partridge
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Further to its December 12, 2022 announcement, the Canadian Securities Administrators (CSA) published Staff Notice 21-332 – Crypto Asset Trading Platforms: Pre-Registration Undertakings ("SN 21-332") this week, which provides additional guidance regarding the CSA's expectations for crypto asset trading platforms (CTPs) trading in securities in Canada. SN 21-332 clarifies the CSA's expectations as set out in previous staff notices, including Staff Notice 21-329 – Guidance for Crypto-Asset Trading Platforms: Compliance with Regulatory Requirements ("SN 21-329").

CTPs operating in Canada that facilitate the trading of Security Tokens and Crypto Contracts (as defined below) should review the requirements prescribed in SN 21-332 closely. The CSA requires that CTPs undertaking such activities apply for registration and provide a new or updated pre-registration undertaking (PRU) by March 24, 2023. Failure to do so may result in enforcement action by securities regulators.

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