Canada: Canadian Securities Administrators released guidance and launched a consultation on use of artificial intelligence systems in capital markets

On 5 December 2024, the Canadian Securities Administrators (CSA) issued Staff Notice and Consultation 11-348 and launched a public consultation open until 31 March 2025 on the use of artificial intelligence (AI) systems in capital markets. Through the notice, the CSA outlined how existing Canadian securities legislation applies to the deployment of AI by registrants, issuers, marketplaces, and other market participants. The notice emphasised the importance of transparency, accountability, and risk controls in maintaining fair and efficient markets, while inviting stakeholder input on whether and how regulatory approaches should be tailored to AI-related developments.