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CSA and CIRO warn Canadian event-contract providers of possible enforcement

Regulation

The Canadian Securities Administrators (CSA) and Canadian Investment Regulatory Organization (CIRO) said on 2 April that providers of event contracts classed as securities or derivatives must meet applicable requirements in Canada. The regulators warned that non-compliance may lead to enforcement action. They said only two CIRO members were then authorised to offer event contracts, subject to limits.

The warning sets out compliance and enforcement risks for firms offering event contracts in Canada.

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Regulation

CFTC orders exchanges to end US geofencing within 30 days

The Commodity Futures Trading Commission ordered designated contract markets to end US geofencing that conflicts with impartial-access requirements within 30 days, or explain why they cannot comply. The order puts exchanges offering sports-event contracts at odds with court orders restricting Kalshi in several states and on tribal lands. Chairman Michael S. Selig said derivatives markets must operate nationally.

Within 30 days, designated contract markets must end geofencing restrictions in the U.S. that violate “impartial access requirements,” or give reasons they cannot comply, the CFTC has ordered. CFTC Chairman Michael S. Selig said in a statement that derivatives markets "must operate on a uniform basis at a national scale" to serve the purposes of the Commodity Exchange Act.

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