What You Need to Know About SEDAR+

The Canadian Securities Administrators (CSA) plan to begin rolling out SEDAR+, a new securities regulatory system designed to replace several current systems, in June 2023.

Securities market participants currently use multiple systems to access information and make filings. SEDAR+ will replace these systems with a single platform that is expected to provide improved functionality.

SEDAR+ will consolidate the following systems:

  • System for Electronic Document Analysis and Retrieval (“SEDAR”);
  • Cease-Trade Order Database (“CTO”);
  • Disciplined List (“DL”);
  • System for Electronic Disclosure by Insiders (“SEDI”);
  • National Registration Database (“NRD”); and
  • National Registration Search (“NRS”).

As a web-based platform, SEDAR+ will provide users with enhanced access to information on issuers and other market participants.

Filing Made Easy

Filing on SEDAR+ is intended to be more intuitive and user friendly. When filing through the online platform, issuers will be able to track which steps of the filing process have been completed and which steps remain outstanding.

Once an issuer’s profile is set up, certain information will be pre-populated depending on the type of filing they are making. Issuers will be able to grant access to their filing agents and control which categories of documents the filing agent has permission to access and file.

SEDAR+ will also be able to calculate filing fees depending on the type of filing and offer different payment methods for filing.

Three-Phase Rollout

The CSA plans to implement SEDAR+ in three phases.

The first phase, which includes the SEDAR, CTO and DL systems, is expected to go live in June 2023. Phase two will add the SEDI system and phase three will add the NRD and NRS systems. There is no current rollout date for phases two and three.

Before users can access SEDAR+, they will have to complete an onboarding process that will require several steps. The onboarding process will be made available prior to the launch of phase one, permitting those who have completed the process in advance of the launch to access SEDAR+ on the first day it becomes available.

The Canadian Securities Administrators’ website contains additional information regarding SEDAR+ and its features. In the meantime, if you have any questions about your filing obligations or how SEDAR+ will impact your business, please contact a member of our Corporate Finance & Securities team.

Note: This article is of a general nature only and is not exhaustive of all possible legal rights or remedies. In addition, laws may change over time and should be interpreted only in the context of particular circumstances such that these materials are not intended to be relied upon or taken as legal advice or opinion. Readers should consult a legal professional for specific advice in any particular situation.