SEDAR+ Launched!

On July 25, 2023, the CSA launched SEDAR+. Have questions? Visit the SEDAR+ Learning Centre.

Advanced Onboarding is Complete

There was an exclusive period from January 3 to April 14, 2023, to prepare your company to be ready to file once SEDAR+ goes live. During this exclusive period Newsfile onboarded 800+ filers.

What to Expect

There will be significant changes for all organizations.

The SEDAR+ platform will transition from the old legacy SEDAR platform into the modern technology future with SEDAR+. The new platform will increase benefits for all stakeholders in Canada's securities markets.

SEDAR+ will collect and forward a comprehensive collection of regulatory filings and financial statistics in Canada, with much improved efficiency and transparency all in one integrated place.

Newsfile is proud to have been selected as one of a small group of high-volume SEDAR users that was asked by the Canadian Securities Administrators (CSA) to participate in the SEDAR+ Pilot Program.

In this role, Newsfile received a first glimpse of the new platform, tested it out and provided feedback for improvements. The CSA incorporated the feedback to enhance the new platform for all users before it rolled out to the public in July 2023.

Benefits of SEDAR+

The CSA says that the SEDAR+ platform will save time, reduce costs, and simplify payments. Along with these benefits, Newsfile identified specific operating benefits with the new platform.

  1. Fee calculator
  2. Enhanced operating hours
  3. Single source for information

Fee Calculator

SEDAR+ has a new fee calculator where it automatically reads company profiles and instantly provides quotes for filing fees. Previously, companies had to submit their corporate information to get a fee estimate and filers then paid the fees. The new process is more direct and transparent.

In addition, late fees will also be automatically calculated in SEDAR+ going forward. This will save stakeholders significant time since they will not have to converse back and forth about late fee calculations. Instead, late fees will be calculated instantly and be due at the time of submission.

Instead, late fees will be calculated instantly. In addition, filers will no longer have to request reimbursements. Traditionally, reimbursements have taken months to receive.

Enhanced Operating Hours

The new SEDAR+ platform will now be available on an expanded 24 hour, 7 days a week cycle.

As a result, some companies that operate under traditional business hours may find that using filing services such as Newsfile advantageous. This is because, like SEDAR+, Newsfile also operates 24/7.

SEDAR+ will eventually be available 24/7. Temporary operating hours are in place as the roll out of SEDAR+ continues.

Single Source for Information

Going forward, SEDAR+ will house all information in one central location. In contrast, several databases stored information in separate spots on the old legacy system.

A central repository will simplify the system. Then, investors and other stakeholders can easily find all the information they are looking for in one location. Efficiency and transparency are the hallmarks of this new platform.

For example, there will be instant access to cease trade order issue lists directly on the new platform. Previously, you would have to search each provincial regulator's website to see that list. Now, it will be available right on SEDAR+ in the regulatory area.

New Web-Based Forms Filing Process on SEDAR+

Historically, the SEDAR legacy system required PDF versions of forms. Furthermore, even though these PDFs were easier to file, they weren't as readable from an information search perspective. Going forward, all stakeholders and investors will now be able to search corporate information more easily with the adoption of web-based forms.

Going forward, the new platform will require web-based forms for certain filings as opposed to PDFs. Therefore, the process to file the following forms will take longer than it did before.

  1. Annual Financials
  2. Technical Reports
  3. Exempt Market Filings

Annual Financials

Companies that report to Alberta and Ontario will still need to complete a participation fee form. However now, rather than uploading a PDF, filers will have to input that data into an online form.

This new process will take more time and filers will need to ensure they are entering the data correctly.

Technical Reports

Filers will now have to enter information about qualified experts on technical reports. Whereas before on the Legacy SEDAR system, filers simply uploaded PDFs instead of entering information.

Exempt Market Filings

Exempt market filers must use SEDAR+ to submit Form 45-106 to the required Canadian securities commissions and pay fees electronically. Like the BCSC and OSC platforms, SEDAR+ requires filers to input the data directly into the system, whereas on the Legacy SEDAR system, filers simply uploaded PDFs.

This new process will take more time and filers will need to ensure they are entering the data correctly.

Secondary Filer Access

If companies or filers would like to request secondary filer access, they will now have to request this access directly through the CSA, instead of having access granted via SEDAR. This is likely to take some additional time.

Newsfile is committed to staying involved and keeping you updated during the SEDAR+ transition process. Newsfile is also committed to transparency and helping clients receive the easiest possible transition during this time. Stay tuned for further updates soon.

The content of this page is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.