Changes to payments and fees
Overall, SEDAR+ will provide an improved user experience with key filing features, which make calculating and paying filing fees significantly easier and faster. A revised system fee structure to simplify administration for both market participants and the CSA will also be introduced when SEDAR+ goes live in February 2023.
SEDAR+ proposed flat fee design
The SEDAR+ proposed flat fee design simplifies the system fee structure and is based on market participants’ expected system usage. The proposed amendments to system fees have been designed to align with projected operating costs and to enable future system enhancements.
- Reducing overall annual system fee costs by $1.7 million (seven per cent)
- Minimizing fee changes, especially for smaller filers
- Simplifying the fee design by adopting flat fees, per filing type, paid only to a filer’s principal regulator
- Eliminating 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
- Adding fees for new filings to SEDAR+
New fees for filing (on both SEDAR+ and NRD) are intended to go into effect when SEDAR+ goes live in February 2023.
(The 2019 notices regarding proposed National Instrument 13-103 System Replacement Rule and proposed amendments to Multilateral Instrument 13-102 System Fees for SEDAR and NRD can be found on the websites of participating jurisdictions.)
Automatic fee calculation
One of the most anticipated filing features of SEDAR+ is automatic fee calculation, which will save time for SEDAR users filing in multiple jurisdictions. The new system will automatically calculate system fees, jurisdiction (regulatory) fees and any late fees associated with the filing. This feature also eliminates the need for regulators to validate or make corrections to manually calculated fees.
To automate these calculations, SEDAR+ requires more information in issuer profiles and throughout the filing process.
While this means spending more time in the initial setup, filers will appreciate the substantial time savings when the fees are calculated with a single click of a mouse.
Paying fees in SEDAR+
The fee payment methods are also being simplified. SEDAR+ will use the less expensive and easier to set up Electronic Funds Transfer (EFT), rather than the current Electronic Data Interchange (EDI) system.
As part of this change, SEDAR+ subscribing organizations can have only one pre-authorized debit account on file. Since filing fees must be paid when the filing is submitted, some changes to internal practices in how filing agents work with their clients may be required.
Also new in SEDAR+, Visa and MasterCard credit card payments will be accepted for Report of Exempt Distribution (RED) filings.
The SEDAR+ Learning Centre, available beginning in December, will provide on-demand videos with step-by-step instructions on fees and payment setup. In the meantime, please visit our regularly updated SEDAR+ Frequently Asked Questions for more information.
Information provided is accurate at time of publication.