SEDAR+ Frequently Asked Questions

Subscribe to the SEDAR+ Connection e-newsletter to learn about the transition to SEDAR+, including key project dates, training information and important process changes for organizations.

Overview

Investors and other public users

Registered users

Pilot Program

SEDAR+ Transition

Onboarding

Training

System Fees


+ Overview

What is SEDAR+?

The CSA is modernizing the electronic filing and data access systems that underpin Canadian securities regulation. SEDAR+ is the new, web-based technology platform that will be used by all market participants to file, disclose and search for issuer information in Canada’s capital markets.

Available 24/7, SEDAR+ will be easier to use, more intuitive, and more modern compared to the legacy systems, which are at end-of-life and cannot respond to the evolving needs of market participants.

What is the timeline for SEDAR+?

Over the next several years, the CSA will use a phased roll-out to migrate the functionality and historical data from the following legacy systems to SEDAR+:

Phase 1 (goes live in February 2023):

  • SEDAR: System for Electronic Document Analysis and Retrieval
  • CTO: Cease-Trade Order Database
  • DL: Disciplined List
  • Exempt market systems from British Columbia and Ontario
  • Various filings currently made in paper format or in local electronic filing systems

Phase 2:

  • SEDI: System for Electronic Disclosure by Insiders

Phase 3:

  • NRD: National Registration Database
  • NRS: National Registration Search

The following filers will begin using SEDAR+ once Phase 1 is live: underwriters that make exempt distributions, investment fund managers that operate fund issuers, corporate issuers, and applicants for exemptive relief that seek relief from issuer regulations.

The staggered migration of these legacy systems to SEDAR+ has been thoughtfully designed to create the least disruption possible to system users. The project is being led by the CSA and supported by provincial and territorial regulators, with many dedicated teams across Canada working to bring SEDAR+ to market participants. Once SEDAR+ Phase 1 is live and throughout the implementation of Phases 2 and 3, ongoing releases will continue to improve the platform and meet evolving capital market needs.

How will SEDAR+ improve the electronic filing and data access experience?

Market participants will appreciate an improved user experience, thanks to the many new features and functionality of SEDAR+.

  1. SEDAR+ will be a single point of access to all filings, will have better search functionality and provide an integrated view of issuer information.
    • The former Cease Trade Order (CTO) and Disciplined List (DL) databases will be integrated into SEDAR+. Information about any CTOs or disciplinary actions applied to an issuer will appear with profile data to give users a seamless navigation experience.
    • The list of reporting issuers in SEDAR+ will include data from all provincial and territorial regulators.
    • Future phases will migrate and integrate the System for Electronic Disclosure for Insiders (SEDI) and National Registration Database (NRD) data and functionality to SEDAR+.
  1. Users will no longer have to install software to enter their filings, and a virtual private network (VPN) will no longer be required. SEDAR+ is an online application, which will be securely accessible from a browser.
  2. SEDAR+ will provide enhanced cybersecurity and privacy management.
  3. A single system with standardized inputs will enable the collection of better-quality data, which allows for new features, such as automatic fee calculation.
  4. The process for calculating and paying filing fees will be much improved. In SEDAR+, fees will be automatically calculated and paid when a filing is submitted. The assessed fees will be paid through Electronic Funds Transfer (EFT) rather than the current Electronic Data Interchange (EDI) financial system.  Also new in SEDAR+, Visa and MasterCard credit card payments will be accepted for Report of Exempt Distribution (RED) fees.   
  5. The scope of filings will increase; filings that were not previously submitted via SEDAR, such as Applications, Pre-filings and Waivers, will be filed on SEDAR+.
  6. SEDAR+ subscribing organizations will have the ability to directly manage their accounts and users in the online platform.

For the above reasons and many more, users will find the new, web-based SEDAR+ platform easier to use, more intuitive, and more modern than the legacy systems.

Why are the existing national systems being replaced?

The existing national systems are at end-of-life and cannot respond to the evolving needs of market participants. In addition, they are stand-alone systems that do not ‘speak’ to each other, leaving users to manually find and connect the various data from each system when they perform their Canadian securities due diligence. The CSA has a vision of a seamless platform across Canada that re-engineers many of the current processes and reduces the time and cost of regulatory compliance.

For the CSA’s integrated and comprehensive technology approach, SEDAR+ is a foundational step.

It will produce better data for all stakeholders, so that analysts, investors, governments, academics and others can easily access and analyze robust data from the system to gain deeper insights into the state of the Canadian capital markets.

Migrating the legacy systems to a modern, web-based system opens the door to further system upgrades to meet changing market needs.

What does SEDAR+ look like?

SEDAR+ is a clean, simple and easy-to-navigate online platform. The system was designed to simplify the filing process and provide better access to issuer information. It also meets accessibility standards for people with disabilities.

A series of videos, available to all users in late summer/early fall of 2022, will showcase the biggest improvements in SEDAR+, demonstrate the filing process, and preview the general look and feel of the new, web-based platform.iew the general look and feel of the new, web-based platform.

Step-by-step videos on filing and other SEDAR+ functionality will be available on the SEDAR+ Learning Centre beginning in December 2022.

+ Investors and other public users

How will SEDAR+ impact the Cease Trade Order and Disciplined List experience?

SEDAR+ will be a single source for information on disciplinary actions. Today, Cease Trade Orders (CTOs) and the Disciplined List (DL) are found in separate databases. That means users must search multiple sites to conduct their Canadian securities due diligence. The CSA is improving that experience.

The CSA and its members are responsible for protecting investors and the integrity of the capital markets and strive to make public record information readily available. By providing a single search on SEDAR+, it will be easier to find administrative tribunal hearing decisions and CSA member decision information.

This information will also be integrated with other data across the SEDAR+ platform. Issuer profiles will highlight any CTOs and disciplinary actions and link to further details. Similarly, each CTO and disciplinary action will list the relevant issuer, with a link back to the issuer’s profile.

How will SEDAR+ affect public search options after all phases of SEDAR+ have been implemented?

SEDAR+ will be a single point of access to all filings, have better search functionality and provide an integrated view of issuer information.

+ Registered users

Will technical support be offered if problems are encountered while using SEDAR+?

Yes, the CSA Service Desk will continue to be the technical support contact once SEDAR+ is live.

What will happen to historical, current and ongoing filings?

The CSA will migrate historical and in-process filings to SEDAR+.  

Will the new system provide user notifications to confirm successful submission and approval of exemptive relief?

Yes. SEDAR+ will provide notifications to confirm successful submission of filings and when a decision, order and receipt is posted.

Will filers be able to consolidate their filings?

When SEDAR+ first goes live, filers that make issuer-type filings and anyone with a National Registration Database (NRD) ID will be able to include their NRD numbers to help identify their filings on SEDAR+. 

When all legacy systems have been migrated to SEDAR+, filers will be able to consolidate their filings. Non-CSA filings will not be part of SEDAR+.

Can filing continue through the existing systems once all SEDAR+ phases are complete?

No, as each legacy system’s functionality and data are migrated to SEDAR+, the legacy system is permanently retired and SEDAR+ must be used.

+ Pilot Program

Who is participating in the SEDAR+ Pilot Program?

Pilot participants include select staff members of provincial regulators and a small number of high-volume system users, who have already been selected.

These SEDAR users are spending time familiarizing themselves with the platform’s improved user experience and streamlined filing processes, in both English and French. They are using real company data to complete filings in the stand-alone, secure early version of SEDAR+, while still using legacy SEDAR to submit filings to regulators.

Participants’ feedback will be used to adjust communications and training, as well as prioritize critical fixes and future enhancements.

Can organizations sign up to participate in the Pilot Program?

No. A small number of high-volume filers who complete a range of filing types have already been selected to participate in the SEDAR+ Pilot Program. Given security requirements and the level of support Pilot participants are receiving, it isn’t feasible to provide all users with access to the early version of SEDAR+.

Those not involved in the Pilot will have opportunities to see the system before SEDAR+ goes live. For all SEDAR users and the public, the CSA will publish a SEDAR+ preview with videos showcasing the most frequently completed transactions and anticipated improvements.

In December 2022, users and the public will also have access to the SEDAR+ Learning Centre, where an extensive catalogue of Learning on Demand courses provide step-by-step walkthroughs in English and French. Sample topics include public search, creating and maintaining filings in SEDAR+, and managing user accounts.

Does the CSA plan to collect feedback from users or have users test the platform before the migration to SEDAR+?

The CSA welcomes feedback from market participants. Comments on functionalities of the current CSA National Systems should be sent through the CSA Service Desk. Pilot Participants will provide feedback throughout their experience, which will be used to adjust communications and training, as well as prioritize critical fixes and future enhancements.

+ SEDAR+ Transition

Onboarding

What do SEDAR users have to do before SEDAR+ goes live?

All organizations that currently subscribe to SEDAR must complete a series of steps to gain access to SEDAR+. The process of completing those steps is called onboarding.

A streamlined onboarding process will be available to current SEDAR subscribers in October and November 2022 for those who want to ensure they have access to SEDAR+ on day one.

How do users access their login details for SEDAR+?

To file and manage records in SEDAR+, every issuer (filer) and organization (agent) must complete the onboarding process. Once completed, a new user account and temporary password will be emailed separately to the identified primary contact.  They will then manage the creation, maintenance and removal of accounts for users in their organization.

Streamlined onboarding steps will be available before SEDAR+ goes live, and only those who fulfill the requirements on time will have access to SEDAR+ on day one.

SEDAR+ onboarding includes a streamlined process to submit:

  • New required information for organization accounts and issuer profiles
  • Updated agreements

Filers and agents are highly encouraged to complete the streamlined process within the October/November window. During the transition period, those who manage multiple issuer profiles and their filings will appreciate that all documents can be provided in a single submission.

What happens if organizations do not complete onboarding in October/November 2022?

Organizations that do not complete the streamlined onboarding process in October/November 2022 will have to wait until after SEDAR+ is live to get started and go through the standard onboarding process.

Once SEDAR+ is live, a separate submission will be required for each issuer, and due to high volumes, requestors should expect to experience longer timelines to get credentials for filing and managing records in the new platform. With that in mind, we encourage all SEDAR subscribing organizations to complete the streamlined onboarding process in October/November 2022.

Training

What training will be offered?

The CSA’s user-centric transition approach includes training, transition resources and online help.

Beginning in December 2022, the publicly available online SEDAR+ Learning Centre will host an extensive catalogue of on-demand course videos that will be searchable by user type (e.g., public, filing agent, filer), topic and/or keywords.  

The Learning Centre will also have transition resources, such as checklists and experience guides, to help organizations and individuals get ready for the SEDAR+ go-live.  

The CSA is committed to preparing market participants for the changes to come, while also ensuring they are well supported afterwards. Once SEDAR+ is live, the online Help Centre will be another valuable resource, with detailed support information on filing and other important subjects. 

Moving from a 25-year-old installed SEDAR application to the new, web-based SEDAR+ may feel like a significant change to market participants. That’s why great care has been taken to ensure users will have all the knowledge and information needed to use SEDAR+.  

When will training begin?

Access to the Learning Centre and on-demand training courses will be available in December 2022. Checklists and experience guides will also be provided at that time. The Help Centre will be available once SEDAR+ is live in February 2023.

+ System Fees

Will there be changes to system fees?

Yes, and to the greatest extent possible, the impact of these system fee changes on any one group of market participants has been minimized. The SEDAR+ proposed flat-fee design substantially simplifies the system fee structure and is based on market participants’ expected system usage. Ultimately, it simplifies administration for both market participants and the CSA.

The CSA has proposed revisions to the system fees so they align with projected operating costs and enable future system enhancements.

Proposed revisions include:

  • Reducing overall annual system fee costs by $1.7 million (seven per cent)
  • Minimizing fee changes, especially for smaller filers
  • Simplifying the fee design by adopting flat fees, per filing type, paid only to a filer’s principal regulator
  • Eliminating some fees such as Prospectus – Distribution outside Quebec; Registration of an Individual in an Additional Jurisdiction; Related Party Transaction Filings; and Going Private Transaction Filings.
  • Adding fees for new filings to SEDAR+.

New fees for filing (on both SEDAR+ and NRD) are intended to go into effect when SEDAR+ goes live in February 2023.

The CSA published two notices for comment that proposed a new system fee structure and filing requirements. The 2019 notices regarding National Instrument 13-103 System Replacement Rule and amendments to Multilateral Instrument 13-102 System Fees for SEDAR and NRD can be found on the websites of participating jurisdictions.

Under the proposed amendments, will the system fees continue to be separate from any regulatory fees users must pay?

Yes. SEDAR+ will separately list and will collect both system and local regulatory fees for the relevant provincial or territorial regulator. Under the proposed amendments:

  • System fees continue to be established on a cost-recovery basis
  • Total system fees collected by the CSA are projected to decrease

What will be the fee payment options in SEDAR+?

In SEDAR+, fees will be paid through Electronic Funds Transfer (EFT) rather than the current Electronic Data Interchange (EDI) financial system.

As part of this change, SEDAR+ subscribing organizations can only have one pre-authorized debit account on file. Since filing fees must be paid when the filing is submitted, some changes to internal practices in how filing agents work with their clients may be required.  

Also new in SEDAR+, Visa and MasterCard credit card payments will be accepted for Report of Exempt Distribution (RED) fees.   

How will fees be calculated?

SEDAR+ will automatically calculate system fees, jurisdiction (regulatory) fees and any late fees associated with filing. This feature eliminates the need for regulators to validate fees or make corrections to manually calculated fees.

To automate these calculations, SEDAR+ requires more information in issuer profiles and throughout the filing process. This means some of the fields that are currently optional in SEDAR will be mandatory in SEDAR+.

Market participants and investors are encouraged to monitor the CSA website for any updates regarding this project and to subscribe to a distribution list through the CSA’s SEDAR+ Landing Page. Subscribe to the SEDAR+ e-newsletter to learn about key project dates, training information and important process changes for organizations.