Fall is a wonderful season and a time of transition. As we prepare for cooler temperatures, shorter days and the first snowfall, we at the CSA are also getting ready to introduce a significant technology change for Canada’s capital markets.
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.
While we have always known the transition to SEDAR+ will be complex for everyone involved, the time we have spent talking with industry participants this summer has proven that to be even more true than anticipated.
“Moving organizations, individuals and their data to a new information platform is a complex process. Getting ready for SEDAR+ is going to take some time, attention and effort—from everyone.”
June edition of SEDAR+ Connection – David Fountain, CSA CIO
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 are shifting the launch of SEDAR+ to June 13, 2023.
Among other benefits for filers, a later launch date will allow us to update the base version of SEDAR+, which will include select improvements suggested by Pilot participants.
What we are hearing
Throughout the summer, we received strong feedback on the launch date. Nearly all industry participants we heard from asked for more time to plan for this significant change and for it to occur after the peak filing season of March/April.
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.
They became familiar with that new workflow and identified changes all filers – particularly those who file on behalf of multiple issuers – will have to make to their personal and business practices to adapt to the new system. Participants also provided valuable feedback on the system itself and the training – suggesting some adjustments that would further improve the user experience and transition.
Positive impacts for SEDAR users
Shifting the launch of SEDAR+ to June will bring many positive impacts for SEDAR users.
- An extended Onboarding period for organizations that require access to SEDAR+ on day one.
- More time for users and organizations to navigate the SEDAR+ learning curve, so they are accustomed to SEDAR+ before the next high-volume filing season.
- Individual users will have more time to take the step-by-step training that will prepare them to use SEDAR+ and identify personal practices that will need to be adjusted.
- Organizations will have more time to identify potential administrative and/or process changes.
- New training courses and events added to our transition plans.
- Additional features that are not in the base version of SEDAR+, including select adjustments identified by Pilot participants.
More information on the new transition timelines, Onboarding process and a summary of the feedback we received from Pilot participants, will be provided in the next edition of this e-newsletter in late October.
The right decision for the industry
We are confident this is the right decision for the industry. The launch of SEDAR+ can only be successful if organizations have sufficient time to prepare for the changes to come.
Information provided is accurate at time of publication.