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Earlier this spring, the Canadian Securities Administrators (CSA) and the Canadian Investment Regulatory Organization (CIRO) reminded registrants of the current requirements for prediction markets and event contracts. The regulators indicated that all trades are subject to applicable securities and derivatives legislation and specifically called out Multilateral Instrument 91-102 Prohibition of Binary Options, which prohibits a person from advertising, offering, selling or otherwise trading a binary option with a term of less than 30 days with or to an individual. Any market participant who wishes to trade in event contracts with Canadian investors is urged to contact their local regulator before doing so.
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