The CSA is proposing amendments and changes that introduce a new electronic access model. This new access model is for annual financial statements, interim financial reports and related management’s discussion & analysis of corporate issuers (i.e., non-investment fund reporting issuers). This proposal is part of our continued efforts to enhance efficiency and investors’ awareness of the availability of documents and how they can be accessed electronically. You can find the full amendments here.
The Proposed Access Model is intended to enhance investors’ awareness of the availability of documents without limiting their ability to receive CD documents in the form they prefer. Investors will have the option to access CD documents electronically on SEDAR+ or can choose to receive copies of the documents in electronic or paper format.
As we consider these to be material changes, we are republishing the Proposed Access Model for a further 90-day comment period that will end on February 17, 2025.
Benefits
- Modernizes the way documents are made available to investors;
- Promotes a more environmentally friendly manner of communicating information to investors with SEDAR+ by reducing the need for paper;
- Recognizes information technology as an important tool for improving timely communication with investors.
How the proposed model work
Before being able to use the Proposed Access Model for the first time, the corporate issuer must inform investors of this in a news release at least 25 days before first using the Proposed Access Model; this will provide advance notice to investors. The proposed amendments stipulate that electronic access to a CD document has been provided if:
- the issuer has filed the document on SEDAR+;
- on the same day, the issuer has issued and filed a news release on SEDAR+ announcing that:
- the document is accessible electronically,
- the SEDAR+ notification functionality is available,
- an electronic or paper copy of the document can be obtained upon request,
- any standing instructions to receive the document in electronic or paper form will continue to be followed, and;
- on the same day, if the issuer has a website, the issuer has posted the document on its website.
In addition, the proposed amendments require the issuer to disclose how to access CD documents electronically, that the SEDAR+ notification functionality is available, how to obtain a copy of a CD document and that standing instructions can be provided in a separate document sent to investors with the proxy-related materials or, if the issuer is using the notice-and-access model, with the notice, and on its website in the same location where the issuer posts its CD documents, if applicable.
For the investors that have provided standing instructions, they will continue to receive CD documents based on those instructions.
Submit your comments
The CSA welcomes comments on the revised Proposed Access Model. Your participation in this consultation will contribute to a final proposal. Submit your comments before February 17, 2025.
Accessing disclosure documents through SEDAR+
About SEDAR+
SEDAR+ launched in July 2023 representing a significant change for market participants and a major milestone for the CSA National Systems, and yielding benefits that will be increasingly evident over time. A key advantage of the modernized system, and the heart of SEDAR+, is its ability to support regulatory changes that impact filers and investors.
An investor can sign up through SEDAR + to receive an email notification when CD documents are filed. Visit SEDAR+
Notification functionality
The SEDAR+ notification functionality was developed to allow investors to sign up to receive email notifications that CD documents are available, with a direct link to the document, when a chosen issuer files CD documents on SEDAR+. To learn how to subscribe, view the video guide to SEDAR+ notification.
How to search for a document on SEDAR+
Looking for a specific document? We prepared a video to help you find documents by type of filings or by issuer and how to download them. To learn how to search for documents, view the video guide on searching SEDAR+.