Certain members of the Canadian Securities Administrators (CSA) have published for comment proposed amendments to National Instrument 13-101 System for Electronic Document Analysis and Retrieval (SEDAR) and Multilateral Instrument 13-102 System Fees for SEDAR and NRD that would require certain filings in connection with prospectus exempt distributions to be made via SEDAR.
Specifically, under the proposed amendments the following types of documents, among others, would be required to be filed on SEDAR: (i) reports of exempt distribution; (ii) offering memoranda and other documents required to be filed pursuant to the “offering memorandum prospectus exemption”; and (iii) the offering document and related documentation under the crowdfunding prospectus exemptions in Saskatchewan, Manitoba, Quebec, New Brunswick and Nova Scotia. Foreign issuers would be permitted to continue making their filings in paper format.
The proposed amendments would make reports of exempt distribution (except for Schedule 1, which contains the personal information of subscribers) and the offering memoranda required to be filed on SEDAR publicly accessible documents on SEDAR.com. Ontario and British Columbia are not party to these amendments as electronic filings of these types of documents are made in these provinces in accordance with their own local electronic filing systems.
The CSA members proposing these amendments are accepting comments on the proposed amendments until August 31, 2015.