The Canadian Securities Administrators (CSA) have postponed the launch of SEDAR+ from June 13, 2023 to July 25, 2023.
SEDAR+ is the new system that will be used by all market participants to file, disclose, and search for issuer information in Canada’s capital markets.
CSA staff advise that while the SEDAR+ system itself is functioning well, the migration of large volumes of data from multiple legacy systems is taking longer than planned. The SEDAR+ project leadership team has added an additional six weeks to the project timeline to ensure that the data migration meets the CSA’s strict quality control standards.
If data migration is not completed in time for the July launch date, the CSA has set September 12, 2023, as a contingency launch date. To assist filing organizations with planning for SEDAR+, the CSA will confirm the SEDAR+ go-live date by the end of June.
Until SEDAR+ goes live, all capital market participants are required to continue using SEDAR and the other systems in current use. Importantly, the flat-fee model announced on March 23, 2023, which reduces overall annual system fee costs by seven per cent, will still come into effect on June 9, 2023 and will apply to all SEDAR and National Registration Database (NRD) filings. Details about how to apply the flat-fee model in SEDAR will be added to the SEDAR+ Launch page on June 5, 2023.
On June 8, 2023, the CSA and member jurisdictions will issue a CSA Notice and Blanket Orders to support the date change. In the meantime, market participants can visit the SEDAR+ Launch page on the CSA website for more information, including the revised cutover period dates.
For more information, please call Barbara Hendrickson at BAX Securities Law (647) 403-4606.
This publication is not intended to constitute legal advice. No one should act on it or refrain from acting on it without consulting with a lawyer. BAX does not warrant or guarantee the accuracy or currency or completeness of the publication. No part of this publication may be reproduced without the prior written permission of BAX Securities Law.