SEDAR+ is a significant change from what organizations and users are used to. That is the overarching theme of the feedback received from SEDAR+ Pilot Participants as they worked with an early version of the new system over the summer.
The purpose of the Pilot was to get input on the new system from higher-volume filers and investment fund managers who are most familiar with SEDAR. It was a successful endeavor to have filers experience the learning curve and work in SEDAR+ to uncover any quirks or issues that users may run into through the transition, launch and use of the system. Participants were highly engaged and provided us with valuable feedback that will help to make the SEDAR+ experience better for everyone.
SEDAR+ is a significant change
While we always knew there would be a learning curve with the new system, the Pilot helped us appreciate the true depth of that change for filers. After all, SEDAR+ is not simply a replica of SEDAR using new technology – it’s a brand-new system, with a brand-new workflow.
After the six-week Pilot, many participants asked us to reconsider the launch timing and give everyone more time to prepare. To help that preparation, they also recommended the Learning Centre be published four to five months ahead of the SEDAR+ launch.
We carefully considered this feedback, along with input from other industry participants, and ultimately decided to shift the launch to June 13, 2023.
New system – new workflow
The Pilot participants provided constructive feedback on the new workflow. Their comments fell into themes that included site navigation, some functions within the filing process, screen layout, alert messages and the depth of information provided by the search function.
As a result of the new workflows, participants discovered there will be changes to the way they work personally, as well as to some internal business practices.
SEDAR+ has data-driven design that provides new functionality (e.g., automatic fee calculation) and improved regulatory compliance reporting by consistently capturing necessary data across all filings. Pilot participants noted that it translated into more data entry when compared to SEDAR and provided feedback on how to better streamline the entry and validation, especially for investment funds.
For investment funds, SEDAR+ has the new ability to specify investment fund classes and series. There are also new data collection elements for Securities Offerings, Notice of Use of Proceeds, Filings incorporated by reference and certain Continuous Disclosure filings (Annual Financial Statements and Participation Fee forms).
For issuer filings, the participants commented that they will have to adjust process timing to accommodate the data entry when submitting filing documents.
Participants requested a number of changes to the system, which are now being evaluated. By the end of November, we will determine whether each is feasible and if so, whether the change be made before launch or be planned for a future update.
If a requested change is not available at launch, we will provide workarounds, additional training and other resources to ensure users are supported in the transition to SEDAR+.
Learning material enhancements
We also asked Pilot participants to comment on our learning materials and delivery methods. They were generally pleased with the learning on demand videos in the SEDAR+ Learning Centre, and provided us with clear feedback on how to finetune the experience.
We are adjusting some of the learning on demand videos and adding new videos to fill in gaps that were identified by participants. We will also be holding facilitated sessions on key topics, where users will have opportunities to have their questions answered. A dedicated support team will be in place throughout the transition to ensure questions and concerns are addressed quickly.
Thank you for a successful pilot
In our view, the SEDAR+ Pilot Program was a success. It achieved exactly what we hoped and is helping us adapt and ensure we are providing an appropriate level of support for the changes to come.
We would like to extend a sincere thank you to the Pilot participants for their engagement and dedication. The time they spent with us this summer will help us provide a positive SEDAR+ Transition experience for all.
Information provided is accurate at time of publication.