On May 2, the Canadian Securities Administrators (CSA) announced their plans to develop an integrated, national information and filing system (Renewed System). It will replace the National Registration Database (NRD), System for Electronic Document Analysis and Retrieval (SEDAR), System for Electronic Disclosure by Insiders (SEDI) and various, local records filing systems. The CSA intends that the Renewed System will be simplified, more user-friendly and cost-effective, include improved features such as better search capabilities and a browser-based interface, and be more cyber-resilient.
Requests for Comment: The CSA wants feedback on proposed changes to Multilateral Instrument 13-102 System Fees for SEDAR and NRD (MI 13-102) to introduce a flat-fee model. It would replace the existing model, where system fees are based on the number of jurisdictions where documents are filed. It also is seeking comments on a new rule, National Instrument 13-103 System Replacement Rule (NI 13-103), which will require filers to transmit documents electronically to securities regulators through the Revised System. There will be exceptions for, among other things, documents delivered in connection with compliance reviews, investors and hearings.
Phases: The CSA plans to roll out the Renewed System in phases:
- Early 2021: Issuer-related systems and filings (e.g. SEDAR, National Cease Trade Order Database (CTO), Disciplined List (DL), and certain filings currently made in paper or in local, electronic filing systems.
- Later phases: NRD, the National Registration Search (NRS), SEDI, and remaining filings in local systems. No target date is specified for rolling NRD and NRS into the Renewed System.
Comment Deadline: Comments are due on both proposals by July 31, 2019.