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
- How will SEDAR+ change the way organizations prepare and submit filings?
- Will SEDAR usernames and passwords be migrated to SEDAR+?
- How will individual user accounts be managed in SEDAR+?
- Are we able to share a user account as we currently do on SEDAR?
- Will technical support be offered if problems are encountered while using SEDAR+?
- Will the new system provide user notifications to confirm successful submission and approval of exemptive relief?
- Will filers be able to consolidate their filings?
- Can filing continue through the existing systems once all SEDAR+ phases are complete?
+ SEDAR+ Transition
- What is SEDAR+ Onboarding?
- Where do I find my SEDAR subscriber and/or issuer number?
- What should I do if I enter the wrong information during the Onboarding sign-up process?
- Our organization has multiple SEDAR subscriptions, do all need to go through the Onboarding process?
- How do we include other SEDAR users from our organization in Onboarding?
- What does my IT department or provider need to know about the SEDAR+ Transition?
- I should not be receiving the Onboarding emails from the CSA Service Desk. How do I change the recipient or add my colleague to the list?
- What are the Onboarding requirements for issuers that are no longer active?
- Can the SEDAR+ legal agreements be signed using DocuSign?
- Are all fields in the supplementary information fillable PDFs required?
- Will we be notified if there is an error or problem with any of the agreements or information we submit during Onboarding?
- Can we designate more than one Authorized Super User (ASU)?
- What happens if an organization does not participate in the pre-launch Onboarding process?
- + Pilot Program
+ System Fees
- Will there be changes to system fees?
- Under the proposed amendments, will the system fees continue to be separate from any regulatory fees users must pay?
- What will be the fee payment options in SEDAR+?
- What is the pre-authorized debit (PAD) submission process?
- How will fees be calculated?
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 CSA National Systems are being migrated to SEDAR+?
Over the next several years, the CSA will migrate the functionality and historical data from the following legacy systems to SEDAR+.
At launch on June 13, 2023, SEDAR+ will replace SEDAR, the Cease Trade Order (CTO) database, the Disciplined List (DL) database, and certain filings made in paper or in the British Columbia Securities Commision’s eServices system and the Ontario Securities Commission’s electronic filing portal. At this time, SEDAR+ will also include a consolidated reporting issuers list from all provincial and territorial regulators.
The following filers will begin using SEDAR+ when the new system goes live: underwriters who make exempt distributions, investment fund managers who operate fund issuers, corporate issuers, and applicants for exemptive relief who seek relief from issuer regulations.
Future phases will integrate the System for Electronic Disclosure by Insiders (SEDI) and the National Registration Database (NRD), the National Registration Search (NRS).
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+ is live and throughout the implementation of future migrations, ongoing application updates will continue to improve the system and meet evolving capital market needs.
How will SEDAR+ improve the electronic filing and data access experience?
Capital market participants will appreciate an improved user experience, thanks to the many new features and functionality of SEDAR+.
- SEDAR+ improves access to issuer information by consolidating multiple systems and databases, including the Cease Trade Order (CTO) Database and Disciplined List (DL), into one, publicly searchable site.
- SEDAR+ is a web-based application accessed through a browser, which removes the need for SEDAR subscribing organizations to install and update SEDAR software, and maintain a VPN connection.
- While SEDAR filings can only be made weekdays from 7 AM to 11 PM ET, SEDAR+ will be available 24 hours a day, seven days a week in all time zones. Details about filing deadlines will be shared with filers prior to launch.
- SEDAR+ significantly simplifies the filing process for organizations that must report to multiple provincial or territorial regulators by providing a single portal for all filings.
- SEDAR+ improves privacy management for filers by providing the ability to create user groups and designate issuer and filing permissions, so users only have access to the filings they need.
- SEDAR+ will save filers time by automatically calculating filing, system and late fees, as well as processing payment when the filing is submitted.
- By consolidating systems and standardizing inputs, the new system will have better quality data .
For the above reasons and many more, users will find the new, web-based SEDAR+ 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 capital 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 or website 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 capital market needs.
What does SEDAR+ look like?
A series of videos, available to all users, provides a sneak peek of SEDAR+. The videos showcase some of the improvements and new features in the new system, demonstrate parts of the filing process and public search functions, and preview 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 mid-March 2023.
+ 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 SEDAR+. 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 issuer filings, have better search functionality and provide an integrated view of issuer information.
+ Registered users
How will SEDAR+ change the way organizations prepare and submit filings?
SEDAR+ is designed with the user in mind and should simplify the filing process. The Pilot Program revealed the depth of the workflow changes for organizations that file documents frequently, and the impact to internal processes that have been in place for many years.
For example, filing agents may need to consider setting new timelines for receiving information from their issuer clients. That is because SEDAR+ requires data to be entered when files are uploaded, which is a change from SEDAR. This upfront time and data entry enable other time-saving features like automatic fee calculation.
Filers are encouraged to visit the SEDAR+ Learning Centre and attend our SEDAR+ training and readiness events to become familiar with the processes for different filing types and to identify workflow changes that might be required for their organization.
Will SEDAR usernames and passwords be migrated to SEDAR+?
No, every SEDAR+ user will have new, unique login credentials.
How will individual user accounts be managed in SEDAR+?
SEDAR+ has new functionality, which provides filing organizations with greater flexibility and control over their organization’s use of the system. Each user will have their own unique login credentials for the new browser-based application.
Filing organizations can create unlimited user accounts under their SEDAR+ account and there is the new ability to create user groups that have specific filing and profile access permissions. As a bonus, users can securely reset their own passwords.
Through Onboarding, filing organizations designate an Authorized Super User (ASU), who will have special permission to fully control all user accounts for the organization – create, update, delete and reset passwords in real-time. They can also add other ASUs to help manage their user access and permissions for their organization.
That’s a positive change from today’s process, where all user account changes must be completed by the CSA Service Desk.
Are we able to share a user account as we currently do on SEDAR?
No, each user will require their own user account and will have new login credentials. Please see “How will individual user accounts be managed in SEDAR+?” for more information.
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. The CSA SEDAR+ Support Desk is dedicated to helping future SEDAR+ users get ready.
SEDAR+ Support Phone: 1-800-219-5381
SEDAR+ Support Email: SEDARPlus.Transition@acvm-csa.ca
The SEDAR+ Help Centre, which will be available before go-live, will also provide helpful and searchable information on a variety of topics.
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.
+ SEDAR+ Transition
What is SEDAR+ Onboarding?
All organizations that currently subscribe to SEDAR, or will be required to file in SEDAR+, must complete a series of steps to gain access to SEDAR+. The process of completing those steps is called Onboarding.
The pre-launch Onboarding process is for organizations to set up their SEDAR+ accounts. This administrative process collects new SEDAR+ legal agreements and required information.
The individuals being identified in the Onboarding sign up form will be responsible for the administrative task of submitting the required documents and information on the Onboarding submission site. They do not have to be current SEDAR users or future SEDAR+ users.
All future SEDAR+ filing organizations are encouraged to complete the pre-launch Onboarding process by April 14, 2023, to ensure access on day one. Completing Onboarding prior to the launch of SEDAR+ will also save organizations time and effort with a secure process for submitting required issuer information.
Please visit the Onboarding section of the SEDAR+ website for more details.
Where do I find my SEDAR subscriber and/or issuer number?
To help you, we’ve created step-by-step instructions: How to find your SEDAR subscriber, issuer and NRD number.
What should I do if I enter the wrong information during the Onboarding sign-up process?
Please contact SEDAR+ Support at SEDARPlus.Transition@acvm-csa.ca to update the information you provided during the Onboarding sign-up process.
Our organization has multiple SEDAR subscriptions, do all need to go through the Onboarding process?
Please use this form if you are submitting one EFA for multiple SEDAR Subscriber Accounts.
There is a one-to-one relationship between organizations and SEDAR+. That means organizations that have multiple SEDAR accounts will only need one SEDAR+ account.
For legal entities that have multiple “branches” today (e.g., multiple SEDAR subscriber accounts), you will not be able to create multiple “branches” or “organizations” in SEDAR+. This is a legal requirement, and we are only able to accept one EFA from each legal entity. This legal requirement applies to law firms that may have multiple offices across the country.
(Note: as part of the Onboarding submission process, legal entities with multiple “branches” will be asked to provide a list of all current SEDAR subscriber numbers, which will be used to validate the submitted Filing Agent Authorization Forms against the existing filer access controls in SEDAR.)
With this single subscriber account, you will be able to create user accounts for each employee who files, regardless of location. Additionally, you can create user groups and designate issuer and filing permissions for each user and/or user group. This functionality enables legal entities to create distinct access that simulates the SEDAR “branch” subscription model, if preferred. Conversely, this functionality can also be used to share clients and filings across multiple locations.
Legal entities that subscribe to SEDAR+ can only have one pre-authorized debit account on file (to be set up after SEDAR+ launches). Since filing fees must be paid when the filing is submitted, some changes to internal practices in how filing agents work with their clients and/or between branches may be required.
How do we include other SEDAR users from our organization in Onboarding?
As part of the pre-launch Onboarding process for organizations to set up their accounts, an Authorized Super User (ASU) will be designated for the company. The Onboarding process is not intended to set up SEDAR+ access for all users.
When SEDAR+ launches, if your organization participated in Onboarding, your designated ASU will be provided with their new SEDAR+ login credentials. From that point, they can add, modify or remove additional users. ASUs can also create user groups, and assign issuer and filing permissions to those groups, so users only have access to the filings they need.
SEDAR users only need to be identified in the Onboarding sign-up process if they are responsible for the administrative task of submitting the required documents and information on the Onboarding submission site.
Training for future users, including the topics of user and profile management, will be available when the SEDAR+ Learning Centre goes live. All current SEDAR users will receive emails encouraging them to sign up for relevant courses on our calendar of virtual events.
What does my IT department or provider need to know about the SEDAR+ Transition?
Nothing for now. SEDAR+ is a web-based application accessed through a browser, which removes the need for SEDAR subscribing organizations to install and update SEDAR software and maintain a VPN connection. The purpose of Onboarding is to provide a process for filers and issuers to submit all the required documents and information to have access to SEDAR+ when it launches.
Recommendations on SEDAR filer and technology support considerations will be provided closer to the SEDAR+ launch date.
I should not be receiving the Onboarding emails from the CSA Service Desk. How do I change the recipient or add my colleague to the list?
SEDAR+ Onboarding emails are being sent to the primary contacts of SEDAR subscribing organizations. The individuals being identified in the Onboarding sign-up form will also be added to the list.
If there are others in your organization who are not a SEDAR primary contact and have not been identified in the sign up to participate in Onboarding, yet need this information, we kindly ask that you forward any communications to them.
What are the Onboarding requirements for issuers that are no longer active?
Onboarding, including legal agreements and supplementary information, is not required for inactive issuers.
Can the SEDAR+ legal agreements be signed using DocuSign?
Documents cannot be signed with DocuSign during the streamlined pre-launch onboarding process, which automates the extraction of data from the fillable PDFs. The data in DocuSign files is locked and cannot be extracted. Similarly, PDF documents cannot be created by using the ‘print to PDF’ feature.
The agreements must use one of the following:
- Fill and sign functionality that saves the agreement as a PDF
- Insertion of a signature image, then save the agreement as a PDF
Are all fields in the supplementary information fillable PDFs required?
When organizations sign up for the pre-launch Onboarding process, they will gain access to a secure SharePoint folder, which includes instructions for submitting the supplementary information PDFs, including a spreadsheet noting which fields are optional.
Optional fields on the supplementary information form should only be left blank if it does not apply or the information does not exist. For example, the legal entity identifier (LEI) is an optional field, however all future registered users of SEDAR+ that have an LEI are expected to complete that field.
Will we be notified if there is an error or problem with any of the agreements or information we submit during Onboarding?
Organizations that submit SEDAR+ legal agreements and supplementary information will be notified if files are successfully submitted or there are errors that need to be corrected. Our systems automatically check that submitted files follow the required naming convention, are in the correct folder and all required fields in the fillable PDFs are completed.
Can we designate more than one Authorized Super User (ASU)?
We can only accept the information for one ASU as part of the Onboarding process. Upon accessing SEDAR+, you can create as many ASUs and other users as you need.
What happens if an organization does not participate in the pre-launch Onboarding process?
After April 14, filing organizations that missed the pre-launch Onboarding opportunity will need to register for an account in the new SEDAR+ system once it is live. This post-launch process does not provide immediate access; it has additional steps and involves a third-party review process.
The standard turnaround times for processing SEDAR+ following the SEDAR+ go-live will be determined in the future, but in advance of go-live.
What training will be offered?
There is a learning curve for filing organizations and individual users to adapt to the new system’s features and functionality and to prepare for updated filing processes.
The CSA’s user-centric transition approach includes training sessions, on-demand instructional videos, transition resources and online help.
The publicly available online SEDAR+ Learning Centre (coming soon) hosts 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.
In addition to the Learning Centre, filers will have the opportunity to attend virtual training sessions in April, May and June. SEDAR+ subject matter experts will guide you through the new system and processes and be available for Q&A opportunities.
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.
+ Pilot Program
What were the results of the SEDAR+ Pilot Program?
The SEDAR+ Pilot Program concluded at the end of August 2022. The highly engaged participants, including a small group of staff from the regulators and a select group of high-volume filers and investment fund managers, had access to an early version of SEDAR+ for several weeks.
They provided valuable feedback on the SEDAR+ user experience, some of the new features, as well as the training and learning materials that users will draw on throughout the transition to the new system.
Pilot participants were clear that SEDAR+ represents a significant change for organizations and will impact business and administrative practices. While the new system is a vast improvement, as with any new technology, there will be a learning curve for organizations and individuals.
The CSA has extensive plans in place to manage this change. The feedback provided by Pilot participants is playing an important role in the effort to enable a smooth transition for everyone.
+ 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 June 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+?
SEDAR+ will use two of the most commonly used payment methods: Electronic Funds Transfer (EFT) for all fees and credit card (an option only for Report of Exempt Distribution or RED filings).
After launch, each organization will set up a single pre-authorized debit (PAD) account on their SEDAR+ account. Since filing fees must be paid when the filing is submitted, each SEDAR+ account must have one PAD account on file to submit their first filing.
The more costly Electronic Data Interchange (EDI) financial system payment process will not be used with SEDAR+.
The combination of one SEDAR+ account for each filing organization, one PAD for each SEDAR+ account and automatic fee calculation and EFT payment may lead to some internal process changes for filing agents who file on behalf of multiple clients.
What is the pre-authorized debit (PAD) submission process?
Filing organizations with SEDAR+ accounts can set up their banking information directly in SEDAR+, after launch on June 13, 2023. To help with planning, you can download the PAD form now.
- SEDAR+ PRE-AUTHORIZED DEBIT AUTHORIZATION (PAD) FORM
- FORMULAIRE D’AUTORISATION DE PRÉLÈVEMENT AUTOMATIQUE DE SEDAR+
Will SEDAR+ allow organizations to use multiple bank accounts to pay fees?
No. After SEDAR+ goes live on June 13, 2023, each filing organization will set up a single pre-authorized debit (PAD) account on their SEDAR+ account. Since filing fees must be paid when the filing is submitted, each SEDAR+ account must have one PAD account on file to submit their first filing.
This single account will be used for payment when filings are submitted, whether an organization is filing for itself or on behalf of issuer clients or investment funds.
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+.
Capital 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.