From desktop software — to a web-based application.
From a time-consuming process for calculating filing fees — to automatic fee calculation.
From an older interface and sometimes clunky experience – to a modernized online system with a user-centric design.
SEDAR+ will introduce many changes. For filers who have been using SEDAR for many years, it will take time to adjust. For organizations that have developed and perfected their internal processes to work for SEDAR, modifications may be necessary to accommodate the workflow changes in SEDAR+.
To help filers prepare, here are four important facts about SEDAR+, as noted by the Pilot Program participants last summer.
- 1. SEDAR+ introduces workflow changes.
SEDAR+ is designed with the user in mind and should simplify the filing process. The Pilot Program helped us understand the significance 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.
We encourage filers to visit the SEDAR+ Learning Centre and attend our SEDAR+ readiness events to become familiar with the processes for different filing types and to identify workflow changes that might be required for their organization.
- 2. Organizations manage their own users.
We added new functionality that gives filing organizations greater flexibility and control over their organization’s use of SEDAR+. 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 even 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.
- 3. One SEDAR+ account for each filing organization.
Some organizations with multiple branches, such as law firms with multiple offices across Canada, currently have multiple SEDAR subscription accounts to manage user filing access.
Thanks to the enhanced user access management in SEDAR+, that’s no longer necessary. Each organization, or legal entity, will have one SEDAR+ account, as outlined in our Electronic Filing Agreement (EFA).
This single SEDAR+ account can meet an organization’s unique filing needs – clients and filings can be shared across multiple locations or kept separate.
- 4. One EFT account for each SEDAR+ account.
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.
Transitioning to SEDAR+ comes with a steep learning curve and adjusting to some of these changes will take time and some planning. The SEDAR+ Learning Centre and upcoming learning events will help you through this adjustment period.
March 2023 – Information provided is accurate at time of publication.