- What is SEDAR+?
- What are Regulatory Actions?
- Will SEDAR+ impact my day-to-day filing experience?
- How will SEDAR+ improve the electronic filing and data access experience?
- Why are the current (legacy) national systems being replaced?
SEDAR+ Timeline and Implementation
Demonstrations, training and migration for future SEDAR+ users
- When can I see what the platform looks like?
- Will training be offered?
- How will I know when to expect training?
- Does the CSA plan to collect feedback from users or have users test the platform before the migration to SEDAR+?
- Will market participants be asked to participate in the testing the new platform?
Migration and support
- Will technical support be offered if I encounter problems while using SEDAR+
- What will happen to historical, current and on-going filings?
- Will the new system provide user notifications to confirm successful submission and approval of exemptive relief?
- Will filers be able to consolidate their filings?
- Can I continue filing through the existing systems once all SEDAR+ phases are complete?
- Will I have access to my login details prior to the launch of SEDAR+?
- As an investor who regularly accesses multiple CSA systems, how will I know where to search?
- 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?
- Will my fees for using the system change?
- What will be the fee payment options in SEDAR+?
- Under the proposed amendments, will the system fees continue to be separate from any regulatory fees users must pay?
+ SEDAR+ Overview
What is SEDAR+?
The CSA is modernizing the electronic filing and data access systems that underpin Canadian securities regulation. SEDAR+ is the new, web-based technology platform that will be used by all market participants to file, disclose and search for information in Canada’s capital markets.
SEDAR+ will be easier to use, more intuitive, and more modern compared to the legacy systems, which are end-of-life and cannot respond to the evolving needs of market participants.
Over the next several years, the CSA will use a phased roll-out approach to migrate the functionality and historical data from the following legacy systems to SEDAR+:
- SEDAR: System for Electronic Document Analysis and Retrieval
- CTO: Cease-Trade Order Database
- DL: Disciplined List (DL)
- The exempt market systems from British Columbia and Ontario
- Various filings currently made in paper format or in local electronic filing systems
- SEDI: System for Electronic Disclosure by Insiders
- NRD: National Registration Database
- NRS: National Registration Search
Led by the CSA and supported by local jurisdictions, many dedicated teams across Canada are working to bring SEDAR+ to market participants. Once SEDAR+ is live, market participants can look forward to ongoing releases that improve the platform and meet evolving market needs.
What are Regulatory Actions?
SEDAR+ will have a new feature called Regulatory Actions, which includes Cease Trade Orders (CTO) and the Disciplined List (DL). Today, Cease Trade Orders and the Disciplined List are found in separate databases. That means you must search multiple sites to conduct your Canadian securities due diligence.
The CSA is changing that experience. We are responsible for protecting investors and the integrity of the capital markets, and we strive to make public record information readily available. So, we’re making it easier to find administrative tribunal hearings and other ruling decision information by creating a single search on SEDAR+ that lists all Regulatory Actions, including cease trade orders and those on the disciplined list.
We’ve also integrated that data across the platform. Issuer profiles will show any Regulatory Actions and provide a link to further details. In the details of each Regulatory Action you will find the relevant issuer listed, each with a link back to their profile.
For those that receive our CTO and our DL email notices, those email notices will be retired and you will be asked to subscribe to the new Regulatory Actions email notice.
Will SEDAR+ impact my day-to-day filing experience?
Regulatory requirements to file and report will not change; however, your day-to-day filing experience will change, as described below.
How will SEDAR+ improve the electronic filing and data access experience?
Market participants will appreciate an improved user experience, thanks to the many new features and functionality of SEDAR+.
- SEDAR+ will be a single point of access to all filings, have better search functionality and provide an integrated view of issuer information.
- A new feature, Regulatory Actions, will include Cease Trade Orders (CTO) and Disciplined List (DL) database information. This Regulatory Action data will be fully integrated and will appear with filing and profile data to give users a seamless navigation experience.
- Another benefit of the integrated data will be the ability to access a reporting issuers list that includes data from all jurisdictions.
- Future phases will migrate and integrate System for Electronic Disclosure for Insiders (SEDI) and National Registration Database (NRD) data and functionality to SEDAR+.
- Users will no longer have to install SEDAR software to enter their filings; SEDAR+ will be accessible from a browser.
- The new platform offers enhanced cybersecurity and privacy management
- Consolidating systems and standardizing inputs will enable better quality data.
- The process for calculating and paying filing fees will be much improved. In SEDAR+, fees are automatically calculated based on the data you input and the assessed fees will be paid through Electronic Funds Transfer (EFT) rather than the current Electronic Data Interchange (EDI) financial system. (Credit card payments will be available for select fees.)
- The scope of filings will increase and new user types will be available.
For the above reasons and many more, users will find the new web-based SEDAR+ platform easier to use, more intuitive, and more modern.
Why are the current (legacy) national systems being replaced?
The current national systems are at end-of-life and cannot respond to the evolving needs of market participants. In addition, they are stand-alone systems that do not ‘speak’ to each other, leaving users to manually connect the various data from each system to perform their Canadian securities due diligence. We have a vision of a seamless platform across Canada that re-engineers many of the current processes and reduces the time and cost of regulatory compliance.
For the CSA’s integrated and comprehensive technology approach, SEDAR+ is a foundational step.
It will produce better data for all stakeholders, so that analysts, investors, governments, academics and others can easily access and analyze robust data from our platform to gain deeper insights into the state of the Canadian capital markets.
Migrating the legacy systems to a modern, web-based platform opens the door to further platform upgrades to meet changing market needs, including the ability to automate data exchange.
+ SEDAR+ Timeline and Implementation
When will SEDAR+ be rolled out?
The CSA and its systems provider, CGI, are developing the roll-out timing for the SEDAR+ platform. We will communicate a timeline as soon as possible.
In what order are the legacy systems being migrated to SEDAR+?
There are three phases for the SEDAR+ roll-out. The staggered migration of these legacy systems to SEDAR+ has been thoughtfully designed to create the least disruption possible to our system users.
Phase 1 will include the migration of four of our legacy security regulation systems. They include the legacy:
- Cease Trade Order (CTO) database;
- Disciplined List (DL) database;
- SEDAR system for securities filings; and,
- exempt market filing systems that exist in some jurisdictions.
The following filers will begin using SEDAR+ once Phase 1 is live: underwriters that make exempt distributions; investment fund managers that operate fund issuers; corporate issuers; and, applicants for exemptive relief that seek relief from issuer regulations.
In the migration to SEDAR+, the separate legacy CTO and DL databases will be part of a new feature, called Regulatory Actions. This regulatory action data will be fully integrated and cross-linked with filing and profile data.
Phase 2 will migrate legacy SEDI (System for Electronic Disclosure by Insiders) and Phase 3 will migrate NRD (National Registration Database) and NRS (National Registration Search to SEDAR+.
+ Demonstrations, training and migration for future SEDAR+ users
When can I see what the platform looks like?
Later in 2021 and early 2022, the CSA will have presentations, demos and other activities that will offer market participants opportunities to preview the SEDAR+ platform, learn how the CSA will prepare them for the migration and ask questions.
Will training be offered?
Yes, training will be provided.
We recognize that moving from a 25-year-old installed SEDAR application to the new web-based SEDAR+ may feel like a significant change to market participants. That’s why we have taken great care to ensure users will have all the knowledge and administrative details needed to use SEDAR+. We hope that current system users and all other stakeholders will engage with the CSA in our efforts to create a smooth transition.
The CSA is designing a user-centric migration approach that includes training and online help. Not only are we focused on getting market participants comfortable and ready for SEDAR+, we will also ensure they are well supported afterwards.
In the months leading up to the migration, the CSA will notify system users on how to register for training, obtain information, and prepare for their migration to SEDAR+.
How will I know when to expect training?
We are currently updating the SEDAR+ roll-out timeline and we will communicate it as soon as possible. In the months leading up to their migration to SEDAR+, the CSA will inform system users on how to register for training and prepare for the migration.
Does the CSA plan to collect feedback from users or have users test the platform before the migration to SEDAR+?
The CSA -welcomes feedback from market participants on its national systems. At this stage in the project, user feedback will be considered for potential future enhancements, after SEDAR+ is live.
The roll-out of SEDAR+ focuses on the foundational elements of the complete SEDAR+ platform. Earlier in the project, insights and feedback from a representative set of users on system elements were incorporated into the platform requirements.
Will market participants be asked to participate in the testing the new platform?
The CSA’s systems provider, CSA and subject matter experts from the jurisdictions will play critical roles in testing the platform. Though market participants will not be asked to formally participate in testing, they will have the opportunity to train on the platform before the migration.
User feedback will be considered for potential future enhancements, after SEDAR+ is live.
+ Migration and support
Will technical support be offered if I encounter problems while using SEDAR+
Yes, technical support will be available before, during and after the migration of each legacy system to SEDAR+.
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?
Yes. SEDAR+ will provide user notifications to confirm successful submission of filings and when a decision, order, and receipt is posted.
Will filers be able to consolidate their filings?
When SEDAR+ first goes live, filers that make issuer-type filings and anyone with a National Registration Database (NRD) ID will be able to include their NRD numbers to help identify their filings on SEDAR+.
When all legacy systems have been migrated to SEDAR+, filers will be able to consolidate their filings. Non-CSA filings will not be part of SEDAR+.
Can I continue filing through the existing systems once all SEDAR+ phases are complete?
No, you will not be able to continue using the existing systems. As each legacy system’s functionality and data is migrated to SEDAR+, the legacy system is permanently retired and SEDAR+ must be used.
Will I have access to my login details prior to the launch of SEDAR+?
Yes, during the training and migration process, you will be given the information you will need to access SEDAR+.
As an investor who regularly accesses multiple CSA systems, how will I know where to search?
Once a legacy system is migrated to SEDAR+, the URL for that legacy system will automatically re-direct users to SEDAR+.
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?
SEDAR+ will be a single point of access to all filings, have better search functionality and provide an integrated view of issuer information.
A new feature, Regulatory Actions, will include Cease Trade Order (CTO) and Disciplined List (DL) database information. This Regulatory Action data will be fully integrated and appear with filing and profile data to give users a seamless data navigation experience.
Another benefit of the integrated data will be the ability to access a reporting issuers list that includes data from all jurisdictions.
+ System Fees
Will my fees for using the system change?
Yes, and to the greatest extent possible, the impact of these system fee changes on any one group of market participants has been minimized. The SEDAR+ flat fee design substantially simplifies the system fee structure and is based on market participants’ expected system usage. Ultimately, it simplifies administration for both market participants and the CSA.
The CSA has revised the system fees so they align with projected operating costs and enable future system enhancements. These fee changes for each legacy system will come into effect when the legacy system functionality and data migrates to SEDAR+. The revisions:
- Reduce overall annual system fee costs 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; and, Going Private Transaction Filings.
- Add fees for new filings to SEDAR+.
The CSA published two notices for comment that proposed 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.
What will be the fee payment options in SEDAR+?
In SEDAR+, system user and regulatory fees will be paid through Electronic Funds Transfer (EFT) rather than the current Electronic Data Interchange (EDI) financial system. Credit card payments will be available for select fees.
Under the proposed amendments, will the system fees continue to be separate from any regulatory fees users must pay?
Yes. SEDAR+ will separately list and will collect both system and local regulatory fees for the relevant provincial or territory regulator. 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.