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

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 June 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
  • Reporting issuer lists
  • 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 who make exempt distributions, investment fund managers who operate fund issuers, corporate issuers, and applicants for exemptive relief who 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 application updates 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+.

  • 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, 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+ 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 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 market needs.

What does SEDAR+ look like?

SEDAR+ is a modernized and intuitive 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, 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 February 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 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. Until then, the Service Desk should be used for legacy SEDAR support only.

General inquiries about SEDAR+ can be submitted here.

The SEDAR+ Help Centre, available at 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

Timing

Why did the CSA change the SEDAR+ launch date to June 2023?

After spending many months planning how to support SEDAR users’ transition to SEDAR+, our group of highly engaged Pilot participants put much of that plan to the test. We’ve also met with industry groups and other capital market participants to get their feedback on our transition plans.

Our Pilot participants helped us appreciate the full scope of change that SEDAR+ will introduce for filers. After all, SEDAR+ is not simply a replica of SEDAR using new technology—it’s a brand-new system, with a brand-new workflow.

The CSA is committed to providing users with adequate time to prepare for and manage the change for their organizations. With that in mind, we have decided to shift the launch of SEDAR+ to June 13, 2023.

Once the work on the base version of SEDAR+ is complete in early 2023, our developers’ focus will shift to the first of our planned application updates. That first update will be included in the launch version of SEDAR+ and will address select improvement suggestions from the Pilot participants. At the same time, the Onboarding team will be guiding and supporting users in their preparation for SEDAR+.

Please read the September edition of SEDAR+ Connection for more details.

Onboarding

What is SEDAR+ Onboarding?

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.

All SEDAR subscribers are encouraged to complete Onboarding before SEDAR+ launches, to ensure access on day one.

Completing Onboarding prior to the launch of SEDAR+ will:

  • Save organizations time and effort with a secure process for submitting required issuer information.
  • Secure access to support from the dedicated SEDAR+ Transition Onboarding support team.

More information about the specific timing and steps for Onboarding will be released soon.

When will Onboarding take place?

In November, primary contacts of SEDAR subscribing organizations will receive an email from the CSA Service Desk with instructions on how to sign up for SEDAR+ Onboarding.

The closed-window submission period for all required documents and information will be January to April 2023.

Please read the October edition of SEDAR+ Connection for more details.

Training

What training will be offered?

The CSA’s user-centric transition approach includes training sessions, on-demand instructional videos, transition resources and online help.

Beginning in February 2023, 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.

In addition to the Learning Centre, users will be invited to attend learning events and virtual sessions where Q&A opportunities will be provided.

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 resources, including the on-demand training courses will be available in February 2023.

Information about upcoming SEDAR+ learning events and sessions will be provided soon.

The Help Centre will be available once SEDAR+ is live in June 2023.

+ Pilot Program

What were the results of the SEDAR+ Pilot Program?

The SEDAR+ Pilot Program concluded at the end of August. 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+?

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 only 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.