Canada’s securities regulators plan to improve information, filing

CSA announces plan for new integrated national system

Canada’s securities regulators plan to improve information, filing
Steve Randall

Canada’s securities regulators are on a mission to improve the information and filing system for the country’s capital markets.

The Canadian Securities Administrators set out plans Thursday for The Renewed System, which will replace several others: the System for Electronic Document Analysis and Retrieval (SEDAR), the System for Electronic Disclosure by Insiders (SEDI), the National Registration Database (NRD), and various local records filing systems.

“We are creating a single point of access for market participants that is simplified, more user-friendly and cost-effective,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. “The new system will have several improved features, including a modern, browser-based interface and better search capabilities.”

The roll-out of the improved system will happen in phases with the first expected in early 2021. This initial phase will replace issuer-related systems and filings: SEDAR, the National Cease Trade Order Database, the Disciplined List, and certain filings made in paper format or in local electronic filing systems.

New fee structure

As part of the preparations for the new system, the CSA has published proposals to implement a flat-fee model, rather than the current model where system fees are based on the number of jurisdictions where documents are filed.

It is also proposing a requirement that filers must electronically transmit all documents to securities regulators through the new system, subject to certain exceptions.

The notices can be found on the websites of participating jurisdictions, and comments for both must be submitted by July 31, 2019.