SEDI Insider Information

Who should establish an Insider account?

Insider accounts are designed to be used by company insiders, whether it’s an individual or a corporation, including the directors, key shareholders or management.

What can I do with an Insider account?

An insider account allows insiders to report on their insider trading activities as required by law.

Effect of filing

Once an account is properly set up, the electronically filed reports will be available on-line and can be accessed by the general public.

Must I file through SEDI?

SEDI is a mandatory disclosure system for trading activities by insiders of SEDI issuers. See National Instrument 55-102 that explains, among other topics, SEDI filing requirements.

Getting started

To use the system, insiders must first create a SEDI user account and Insider profile by signing up and establishing an ID and password. You will need the following information:

  • Insider’s full name
  • Home address
  • Daytime telephone number (fax and email, if available).
  • A security verification question (for example: “The name of my budgie when I was a child.”)
  • Registering a SEDI account

Registering a SEDI account

Establishing a SEDI account is a six-step process and you must complete the process in one session in order to register an account properly.

Step #1: Fill in the blanks

On the “Welcome to SEDI” page, click “Register as a SEDI user” in the right corner. This will take you to the Register Page with an online registration form (Form 55-102F5). Here are some tips to help you complete that form:

  • Make sure that you enter your proper name using upper and lower case.
  • Do not use nicknames, initials or abbreviations.
  • Include address information.
  • Do not leave any section blank.
  • Use the term “not applicable” if a listed category does not apply.

Step #2: Pick the appropriate account

Identify the type of SEDI account (issuer, insider, agent). Insiders should select the insider classification.

(Note: Users can register only once, but may select more than one type of SEDI account by holding down the control key (Ctrl) and using the mouse to select the desired categories.)

Step #3: Confidential question and answer

Enter your confidential question and answer, then click next.

Step #4: Acceptance

Review the SEDI user Terms of Acceptance. You may want to print these at this stage. If you refuse to accept the terms, the sign-in process will be terminated and your account will not be registered.

Step #5: Certification

Fifth, once you have accepted the terms, SEDI will post the completed form for your review. If the information is correct, click the “Certify” button to submit the registration form electronically. You will then be provided with a unique user ID and password to log onto the system. You will not be able to make filings on SEDI until the SEDI operator verifies your registration and activates your account.

Click “Printer friendly version” to print your completed SEDI user registration form.

Step #6: Activating the account

To complete the registration process and have the account activated, insiders must fax or mail a signed copy of their completed registration form to SEDI.

Mail information to:
FAX: 1-866-729-8011
CSA Service Desk
Attn: SEDI Operator
12 Millennium Blvd, Suite 210
Moncton, NB E1C 0M3

Filing Insider reports

Once an account is activated, insiders must create an insider profile (Form 55-102F1) or link the account to an existing profile before they can file reports. The profile contains some personal information that remains confidential.

You will be prompted to create the profile when you first log in to your SEDI account and will need the following information:

  • Insider name or company name (Do not use initials or abbreviations)
  • Address
  • Daytime telephone number
  • Fax and email, if available
  • A security verification question (for example: “The name of my goldfish when I was a child.”)
  • Name or number of the issuer for which you are an insider
  • Your relationship to the issuer, such as officer or director.
  • Your opening balance date or the date on which you became an insider after the SEDI launch in May 2003.

Simply log on to the Insider Home Page and choose the appropriate task from the menu bar. You will need basic information about your transactions, such as the type of security, the opening balance, the date of the transaction, the number or value of securities being acquired or disposed, the type of currency and the closing balance.

Safety precaution

Once you complete the profile form, you will be required to confirm its accuracy and then certify it by clicking on the “Certify” button. SEDI will then display a unique security access key that you will need in the future to modify your profile and file reports. You must record this information for future use. Print this screen by clicking on your browser’s print button.

SEDI will confirm the creation of the account by letter.

Filing reports

Once the SEDI Operator has activated an insider’s user registration, the insider can file or amend their insider reports.

Simply log on to the Insider Home Page and choose the appropriate task from the menu bar. You will need basic information about your transactions, such as the type of security, the opening balance, the date of the transaction, the number or value of securities being acquired or disposed, the type of currency and the closing balance.

Insiders can also add general remarks about the transaction or private remarks, the latter of which are directed towards securities regulators and will not be publicly displayed.

The onus is on the insider to ensure the accuracy of the information and they are required to review and certify it before clicking the “Certify” button before filing the document.

Top 10 Errors in SEDI Filings

The top 10 common errors in SEDI filings involve:

  1. Failure to complete the filing by certifying the insider report, which results in the insider report not being filed. If the insider report has been successfully filed, the SEDI system will display the report information on the “File Insider Report – Completed” page at the end of the filing process.
  2. Not reporting both sides of the transaction for options, warrants or rights. Generally, the exercise of options or warrants means you must also report the acquisition of common shares (using transaction code 51, 54, or 57 as appropriate).
  3. Using the wrong transaction date when reporting a grant of options. Usually the board of director’s resolution date is the reportable transaction date. However, if this date precedes the date of regulatory approval or when you became aware of your allotment, the later date should be used for reporting purposes.
  4. Use of insider-defined security designations without first contacting the issuer to ask the issuer to add the security designation to the issuer profile supplement. Insider-defined securities should be used for third party derivatives and where you are unable to meet your filing requirement deadlines.
  5. Entering amounts in the insider’s calculated balance field. Balances in these fields will result in follow-up by securities regulatory authorities.
  6. Which date to report when creating an insider profile. The date an insider became an insider field should be used only if you have never filed an insider report. The opening balance date is used if you previously filed insider reports in paper format prior to the SEDI launch in May 2003 and should be the date of your last paper report.
  7. Incorrect use of password and access keys. Insiders, issuers and agents need to use their SEDI user ID and password to log on to SEDI. When performing insider and issuer functions the insider/issuer numbers and access keys are used. Keep a record of your user ID, password and access keys in a safe place.
  8. Deleting an erroneous insider transaction report and filing a new insider report. Instead, file a report amending the original insider report.
  9. Creation of duplicate insider profiles and user accounts filed on SEDI.
  10. Not separately reporting by type of holding (e.g. direct ownership, indirect ownership, control or direction via contracts or arrangements) or class of securities.

Please review your filings for these types of errors in order to avoid filing inaccurate insider reports and in some cases to avoid being subject to late filing sanctions.