Over the summer, SEDAR+ Pilot Program participants took part in the Canadian Securities Administrators (CSA) program to become familiar with the new SEDAR+ system and suggested additional time was needed before the new system officially opens in 2023.
As a result, the launch date has been moved back a few months to June 2023.
Throughout the summer, we received strong feedback on the launch date. Nearly all industry participants we heard from asked for more time to plan for this significant change and for it to occur after the peak filing season of March/April. Canadian Securities Administrators
Pilot program participants revealed changes that filers – especially those who file on behalf of multiple issuers – will need to make to their current business practices to adapt to the new system.
The pilot participants tested, analyzed and recommended changes to the new system when they participated in the pilot in July and August. Indeed, they were able to practice doing filings with real data and provide valuable feedback.
Importance of the Pilot Program for Canada’s Capital Markets
The Pilot Program is helping the CSA prioritize critical fixes and enhancements during the testing phase of the new platform.
Through testing and feedback, pilot program members are helping to shape and improve what the new program will look like for all stakeholders in Canada’s capital markets.
Select staff members of provincial regulators and a small number of high-volume SEDAR system users are part of the pilot program
Users spend time becoming familiar with the platform’s new user experience and streamlined filing processes (English and French)
Users complete filings with real company data to test out the new system
Pilot program members provide feedback that is used to prioritize critical fixes and future enhancements to SEDAR+ before it is rolled out to the public in June 2023
What is SEDAR+?
SEDAR+ is a new, web-based system that is transitioning the old legacy SEDAR platform into the modern technology future. The new platform brings multiple standalone databases, systems and data together under one digital roof.
In other words, it is changing the way securities regulatory information is filed and accessed in Canada. It is improving Canada’s capital markets and due diligence.
The new platform showcases a multi-year, multiphase, complex project. In the end, it will provide one source for essential Canadian securities information and data. This will help to ensure that anyone can easily perform their Canadian due diligence.
Filings in Canada & the United States
Not all countries make company filings easily accessible through a central database. But, SEDAR+ in Canada and EDGAR in the United States are two top performing databases that accomplish or will accomplish this objective.
Much like its SEC EDGAR counterpart in the US, 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.
Recently, the SEC has adopted the relatively new iXBRL to modernize its systems.
The most authoritative and complete resource for all earnings reports is located on the Securities and Exchange Commission’s (SEC) website (SEC.gov). Using their EDGAR system, you can search for any publicly traded company and read quarterly, annual, and 10-Q and 10-K reports. Sean Ross, Investopedia
Timeline of the SEDAR+ Program
The planning process for SEDAR+ has been years in the making. Pilot program members participated in the pilot program in July and August 2022.
A series of sneak peek videos and highlights will soon be made available to the public.
***Please note: Onboarding and Training & Readiness timelines may adjust in the future since the new launch date is now June 2023.
Benefits of SEDAR+
The CSA says that the new platform saves time, reduces costs and simplifies payments. As a matter of fact, there are many benefits with the new program.
Saves time
Reduces costs
Simplifies payments (automatic fee calculation)
Single source of information
Better search functionality
VPN’s no longer required
Web-based system eliminates need to install software
Adding additional filings (eg. Applications)
SEDAR+ subscribers can directly manage their own accounts
Enhanced operating hours
Newsfile is committed to staying involved and knowledgeable throughout the entire SEDAR+ filing transition process to help enhance your filing services. Stay tuned for further updates soon.
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