The Globe and Mail reports in its Friday, Aug. 28, edition that Canada's securities regulators won't oversee sports and entertainment bets on prediction markets. The Globe's Meera Raman and Alexandra Posadzki write that the Canadian Securities Administrators and the Canadian Investment Regulatory Organization issued a joint statement clarifying the application of securities and derivatives laws to the growing market of events contracts, which allow users to wager on real-world events. The CSA believes that bets on sports and entertainment events shouldn't fall under securities regulations, while CIRO feels it's inappropriate for its dealer members to trade such contracts. CIRO oversees investment and mutual fund dealers and all trading activities on Canada's debt and equity markets. Two companies have received CIRO approval to provide Canadians with access to event contracts: Power Corp. of Canada's Wealthsimple, which partnered with Kalshi to offer its prediction-market product, and Interactive Brokers Group. In a white paper published earlier this month, Wealthsimple said that putting certain contracts, such as sports outcomes, under gaming regulation while the rest stay under securities regulation is "unworkable."