Reporting issuers (corporate and investment funds) that file disclosure documents on SEDAR – the System for Electronic Document Analysis and Retrieval – must complete an onboarding process by April 14, 2023 to gain access to SEDAR+, the new web based system that will replace SEDAR on June 13, 2023.
Takeaways
- Beginning June 13, 2023, all issuer filings will be completed in SEDAR+ and the SEDAR legacy system will be retired.
- All issuers (corporate and investment funds) must complete a series of steps to gain access to SEDAR+ and/or have filings made to their issuer profile when SEDAR+ launches.
- The onboarding process must be completed by April 14, 2023 to avoid delays and challenges in making filings once SEDAR+ has launched.
What is SEDAR+?
SEDAR+ is a new, web-based system that market participants will use to file, disclose and search for information in Canadian capital markets. SEDAR+ will consolidate a number of existing systems, including SEDAR, the Cease-Trade Order Database, the Disciplined List, reporting issuer lists, the System for Electronic Disclosure by Insiders (SEDI), the National Registration Database (NRD) and the National Registration Search (NRS), through a staggered, phased in process. Once SEDAR+ is live (June 13, 2023), underwriters who make exempt distributions, investment fund managers, corporate issuers and applicants for exemptive relief will begin to use SEDAR+.
Onboarding Process
Anyone who currently files on SEDAR, including corporate issuers and investment fund managers, are required to complete an onboarding process in order to gain access to SEDAR+ and make filings once the new platform has launched. The onboarding process requires the submission of certain information and documents by April 14, 2023. More specifically, every issuer, filer and filing agent must submit at least one of the following agreements:
- Electronic Filer Agreement (EFA) – All organizations that will file in SEDAR+ must complete the EFA in order to set up a profile and submit filings.
- Filing Agent Authorization Form (FAAF) – Issuers and investment fund managers that use filing agents (such as law firms) must complete the FAAF in order to grant the filing agent permission to complete SEDAR+ filings on behalf of the issuer/investment fund manager. A separate FAAF must be completed for each filing agent used by an issuer/investment fund manager.
- Supplementary Information – New account and issuer/fund profile supplementary information must be provided before each organization account can be created and filing access granted. The supplementary information may include information that was previously not required in SEDAR.
Failure to complete the onboarding process in advance of April 14, 2023 may result in delays and/or challenges once SEDAR+ launches.
Next Steps
Additional information about SEDAR+ and the onboarding process can be found here: About SEDAR+ - Canadian Securities Administrators (securities-administrators.ca). Please reach out to your usual BLG contact if you need assistance with, or have any questions about, the onboarding process.
