Regulatory Alerts2024-12-05
Added · Updated
CSA Staff Notice 11-348: Applicability of Canadian Securities Laws to Artificial Intelligence Systems in Capital Markets
The Canadian Securities Administrators issued Staff Notice 11-348 to clarify how existing securities legislation applies to the use of artificial intelligence systems by market participants, explicitly stating that the guidance does not create new legal requirements. The notice outlines key regulatory themes including governance, explainability, disclosure, and conflict of interest management, while warning against misleading 'AI washing' practices. It also provides specific compliance guidance for registrants, issuers, and market infrastructure entities and seeks stakeholder feedback on potential regulatory adjustments.
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