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Canadian Securities Administrators and IIROC introduce novel interim regulatory approach to crypto asset trading platforms

By Michael C. DeCosimo and Suraj Rammohan
April 5, 2021
  • Securities
  • Technology
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On March 29, 2021,the Canadian Securities Administrators (the “CSA”) and the Investment Industry Regulatory Organization of Canada (“IIROC”) jointly published CSA/IIROC Staff Notice 21-329 – Guidance for Crypto Asset Trading Platforms: Compliance with Regulatory Requirements (the “Notice”). The Notice introduces a novel interim regulatory approach applicable to certain crypto asset trading platforms and provides guidance on the application of securities legislation to platforms (“Crypto Asset Trading Platforms” or “CTPs”) that facilitate or propose to facilitate the trading of (i) crypto assets that are securities (“Security Tokens”) or (ii) instruments or contracts involving crypto assets (“Crypto Contracts”). Under the new guidance, CTPs that satisfy conditions described in this Insight will be subject to registration requirements under Canadian securities laws. In addition, the Ontario Securities Commission (the “OSC”) has notified CTPs that currently offer trading in derivatives or securities to persons or companies located in Ontario that they must contact OSC staff by April 19, 2021, to discuss how to bring their operations as a dealer or marketplace into compliance.

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Michael C. DeCosimo

About Michael C. DeCosimo

Michael C. DeCosimo is a partner in the Corporate group at Dentons. Michael practices corporate and securities law with an emphasis on corporate finance, mergers & acquisitions, corporate governance, investment funds and private equity. He has acted as issuer’s counsel on over 75 initial public offerings (including companies and structured products) and other public and private offerings, raising aggregate gross proceeds of over $8 billion.

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Suraj Rammohan

About Suraj Rammohan

Suraj Rammohan is a senior associate in our Corporate group. Suraj advises businesses, investors, underwriters and entrepreneurs with respect to complex public and private mergers and acquisitions, securities law, and corporate governance matters, focusing on Blockchain and Distributed Ledger Technology, Transformative Technology and Data Strategy, and Venture Capital and Emerging Growth Companies.

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