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SEDAR+  Frequently Asked Questions

What is SEDAR+ and what are the benefits of SEDAR+ SEDAR+ Timeline and Implementation External outreach and training for SEDAR+ users Technical questions about SEDAR+ System Fees
 

Sedar_Icon_4C   What is SEDAR+ and what are the benefits of SEDAR+

What is SEDAR+?

SEDAR+ will be the CSA’s national system that all market participants will use for filings, disclosure, payments and information searching in Canada’s capital markets.

To ensure a smooth transition between the existing national systems and SEDAR+, the CSA plans to roll SEDAR+ out in phases.

When fully implemented, SEDAR+ will include:

  • System for Electronic Document Analysis and Retrieval (SEDAR)
  • System for Electronic Disclosure by Insiders (SEDI)
  • Cease-Trade Order Database (CTO)
  • National Registration Database (NRD)
  • National Registration Search (NRS)
  • Disciplined List (DL)
  • Various filings currently made in paper format or in local electronic filing systems

SEDAR+ will be a web-based portal that will function as a single point of contact between all national systems providing a simplified point of access for all market participants.

The first phase of SEDAR+, which is focused on issuer filings and will replace CTO, DL, SEDAR, and local exempt distribution reporting and issuer exemptive relief systems, will be rolled-out gradually, beginning in late 2021. Phase 2 will include SEDI, and Phase 3 will cover NRD.

Which key enhanced features will SEDAR+ provide?

SEDAR+ will be a modern, easy-to-use, online system that is more responsive to current and future needs of market participants. Enhanced capabilities include: better access-controls, an improved system interface, including the ability to automate data exchange in future phases, and improved cyber security.

How will users benefit from SEDAR+?

SEDAR+ will improve the overall filing experience. The key benefits of the system, applicable to all market participants, including investors, are:

  • Single portal access to all filings
  • Effective cyber security and privacy management
  • Larger scope of filings and system users
  • Better usability via a modern user interface, search function improvements, and harmonized processes for all filings
  • Better data quality through database consolidation and input standardization
  • Easier filing and compliance

Why are you replacing the current CSA National Systems?

The replacement of the CSA’s current national systems is essential to market participants’ and includes feedback regarding the current systems and evolving needs, and is also necessary due to the age of the current systems.

The new national filing system will improve market participants’ filing experience and investors’ access to disclosure information. SEDAR+ will have several improved features, including a modern, browser-based interface, better search capabilities and will enable the CSA to respond in a more timely way to market participants’ evolving requirements.


Sedar_Icon_4C   SEDAR+ Timeline and Implementation

What is the implementation rollout approach and timeline?

To ensure a smooth transition between the existing national systems and SEDAR+, the CSA will implement SEDAR+ in phases, and will roll out SEDAR+ phase 1 gradually, beginning in late 2021. Stakeholders impacted by Phase 1 will receive information about transitional activities in advance of this date. CSA is now working on the gradual rollout plan for Phase 1.

This approach will support market participants’ successful transition to the new system and will allow users to adapt to the changes and adjust their business practices to take into account new capabilities provided by SEDAR+. Opportunities to explore the system prior to launch, including comprehensive onboarding, will be provided. Further information on this approach will be available in Q1 2021.

What will the first phase of SEDAR+ cover?

SEDAR+ phase 1 covers filings made by issuers, including foreign issuers. Phase 1 of SEDAR+ includes the replacement of the CTO Database, the Disciplined List, SEDAR, and certain filings in the British Columbia Securities Commission eServices system and the Ontario Securities Commission Electronic Filing Portal. Filings made by issuers, including foreign issuers, will be incorporated into SEDAR+ in the first phase, with some exceptions.

How is the CSA planning the implementation of the future phases of the system?

Planning has already begun for the next phase of SEDAR+ to address insider filings (SEDI; Phase 2). Future phases will address registrant filings (NRD; Phase 3) and other market participant filing needs. CSA’s key objectives for the system improvements include a better filer experience by improving filing processes and reducing filing errors and to increase data quality to support effective regulatory oversight.

Will the new system have better search capability and web-based forms?

SEDAR+ will have improved search capabilities, including the ability to search PDFs.

Phase 1 will include some web-forms, specifically, RED and Participation Fee forms for the ASC and OSC. In future phases, the CSA plans to incorporate more web-forms and enable programmatic interfaces (API’s) for filings where possible.


Sedar_Icon_4C   External outreach and training for SEDAR+ users

Will SEDAR+ phase 1 training be offered?

Yes. CSA will offer training to market participants and investors in advance of the phase 1 launch. Market participants and investors will be informed of the changes, the information needed to access SEDAR+, and what will be required of them, well ahead of the launch.

Market participants will be notified on how to register for training, obtain information, and generally prepare for migration to SEDAR+.

The CSA continues to develop comprehensive training materials and tools to support market participants’ migration to SEDAR+. Support services will be available throughout the rollout of SEDAR+.

How will users be engaged for training and outreach activities?

External outreach and engagement activities for SEDAR+ will begin in Q1 2021 and include demonstrations of the new system, learning experience walk-throughs and user experience sessions, that will provide market participants insight to the system before its release. Mechanisms to support market participants’ feedback on these sessions will be included.

Additional local engagement activities are in development and in parallel with the CSA’s upcoming cross-jurisdictional opportunities. Each securities regulator will be informing market participants’ of these opportunities throughout 2021.

More detailed information on these training and outreach activities will be available in Q1 of 2021.

Does the CSA plan to collect feedback during its gradual rollout of SEDAR+ phase 1?

The initial release of SEDAR+, focuses on the foundational elements of the full SEDAR+ system and includes insights gleaned from a select and representative set of users that allowed stakeholders to provide feedback on elements of the system. There will be no further opportunity to provide feedback on system design in this phase. However, we will take feedback received in consideration for potential future enhancements.

External outreach and engagement activities for SEDAR+ will begin in Q1 2021 that include demonstrations of the new system learning experience walk-throughs and user experience sessions that will provide market participants insight to the system before its release. Mechanisms to support market participants’ feedback on these sessions will be included.

As with any technical system, SEDAR+ will evolve from phase to phase. The CSA is preparing market participants to adapt to the system successfully, while ensuring that the timing and scope of the project stays on track.

Will stakeholders be engaged in the testing phase of the new system?

The CSA is working on responding to feedback on its existing systems to improve market participants’ filing experiences and offer investors better access to disclosure information. Note that all upgrades undergo extensive testing by our IT teams.

Initial user experience feedback was sought from a select and representative set of users prior to further system configuration.

Additional user experience feedback is planned. External outreach and engagement activities for SEDAR+ will begin in Q1 2021 include demonstrations of the new system learning experience walk-throughs and user experience sessions providing market participants insight to the system before its release. Mechanisms to support market participants’ feedback on these sessions will be included.


Sedar_Icon_4C   SEDAR+ and System Users

Will technical support be offered if I encounter problems while using SEDAR+

Yes, technical support will be available throughout the entire migration process and roll-out of SEDAR+. Technical support remains an integral part of the CSA’s national systems and will continue to be part of the Renewed System’s mandate.

What will happen to historical, current and on-going filings?

The CSA will migrate historical and in-process filings to SEDAR+.

Will the new system provide user notifications to confirm successful submission and approval of exemptive relief?

SEDAR+ will provide user notifications to confirm successful submission of filings and when a decision/order/receipt is posted.

Will SEDAR+ impact my day-to-day filing experience?

Regulatory requirements to file and report will not change. However, the day-to-day filing experience will change.

All relevant information regarding access to your account and filings will be made available through training and transitional activities before the launch of SEDAR+.

How will this affect investors who use the systems?

Investors will be redirected to SEDAR+ as part of the CSA’s transitional activities. Investors searching for information about/or related disciplinary actions on public companies, firms and/or individuals (issuers & registrants) will be able to search through SEDAR+ and easily access this information through one portal.

Will registrants be able to consolidate their fillings?

A future phase of SEDAR+ (Phase 3) will allow registrants to consolidate their filings within all of the current CSA systems, but non-CSA filings will not be part of the new portal.

As part of SEDAR+ phase 1, registrants that make issuer-type filings (and anyone with an NRD ID) will be able to include their NRD numbers to help identify their filings on SEDAR+.

Phase 1 of the SEDAR+ rollout will affect the following registrants: underwriters that make exempt distributions; Investment Fund Managers that operate fund issuers; corporate issuers that are registrants; applicants for exemptive relief that seek relief from issuer regulations.

Can I continue filing through the existing systems once all SEDAR+ phases are complete?

CSA is currently developing phase 1 of SEDAR+. At least three phases are contemplated. Once all SEDAR+ phases are complete, SEDAR+ will be the official system for Canadian securities regulatory filings. The CSA’s existing national systems will be decommissioned in phases, ensuring a smooth transition between both systems, and minimizing any impact on market participants.

How will I pay for SEDAR+ filings?

Further information on how to pay for your SEDAR+ filings will become available as SEDAR+ transitional activities are rolled out. The existing EDI payment system will be replaced.

Will I have access to my login details prior to the launch of SEDAR+?

Yes, all relevant information regarding the access of your account and filings will be made available through the training and transitional activities. These will be available before the launch of SEDAR+.

As an investor who regularly accesses multiple CSA systems, how will I know where to search?

Investors will be redirected to SEDAR+ when they visit a superseded system, as part of the CSA’s transitional activities. Investors are also encouraged to monitor the CSA website for SEDAR+ updates and to subscribe to the SEDAR+ distribution list through the CSA’s SEDAR+ Landing Page.

I am an investor using the existing national systems for research purposes, how will SEDAR+ affect my search options after all phases of SEDAR+ have been implemented?

CSA is currently developing phase 1 of SEDAR+. Once all SEDAR+ phases are complete, SEDAR+ will provide a simplified point of access for searches. Investors searching for information about and/or related disciplinary actions on public companies, firms and/or individuals (issuers & registrants) will be able to search through SEDAR+ and easily access to this information through one portal.

Questions can be submitted through the Systems Replacement form. You can also sign up to be kept informed and receive any future communications.


Sedar_Icon_4C   System Fees

Will my fees for using the system change?

The CSA has published two notices for comment that propose a new system fee structure and filing requirements. The 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.

Further information on how to pay for the system user and regulatory filing fees related to SEDAR+ filings will become available as transitional activities are rolled out and the existing EDI payment system is replaced.

What is the approach regarding the system user fees for the new system?

Most users will see their system user fee decrease or stay the same. SEDAR+ will cost less to operate and update than the existing systems. The proposed structure outlined in the two notices (NI 13-103; NI 13-102) better aligns system fees that users must pay with the CSA’s anticipated costs to operate SEDAR+. The SEDAR+ flat fee design substantially simplifies the system fee regime. The structure is based on market participants’ expected system usage and offers significantly improved administrative simplicity for both market participants and the CSA.

How do the proposed revisions affect the system fees?

The CSA has revised system fees to align them with projected operating costs and to enable future system enhancements. Changes highlighted in the amendments are designed to:

  • Reduce overall annual system fee revenues by $1.7 million (7 per cent).
  • Minimize fee changes, especially for smaller filers.
  • Simplify the fee design by adopting flat fees per filing type paid only to a filer’s principal regulator.
  • Eliminate some fees such as Prospectus - Distribution outside Quebec; Registration of an individual in an additional jurisdiction; Related Party Transaction Filings; Going Private Transaction Filings.
  • Add fees for new filings to SEDAR+

The impact on any one group of market participants has also been minimized to the greatest extent possible.

Under the proposed amendments, will the system fees continue to be separate from any regulatory fees users must pay in any province or territory?

Yes. System fees are separate from any regulatory fees users must pay in any province or territory. 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.

 

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. Sign up here to stay up-to-date about the progress of the project.