Highlights

  • SEDAR filings will be publicly available within 15 minutes after filing
  • SEDAR filing pages will show the date and time of filing

The Canadian Securities Administrators have announced that, effective April 6, 2013, public filings and updates to reporting issuer profiles made on the System for Electronic Document Analysis and Retrieval (SEDAR) will now be accessible on the related public website at www.sedar.com within 15 minutes of submission, instead of the following day.

When it was originally established, Canada’s electronic system for filing continuous disclosure documents for reporting issuers updated its associated public website only on a daily basis. Registered users of the SEDAR system, which included some databases, could have immediate access to “public” electronic filings, but documents made public in the SEDAR electronic system would not appear on the free public website until the following day.

As of April 6, 2013, replication of publicly available filings on SEDAR will occur every 15 minutes during SEDAR business hours (7 a.m. until 11 p.m. Eastern Standard Time). As a result, documents made public on SEDAR will become accessible on www.sedar.com within 15 minutes of the original submission.

The same will apply to updates to reporting issuer profiles.

A further change will be that on www.sedar.com, the New Filings page and the Public Company and Investment Funds Filings pages will indicate the time of filing for documents appearing on those pages.

Issuers and others that make filings on SEDAR should be aware of these disclosure timing changes. There will no longer be a significant delay between filing a document on SEDAR and having it appear publicly on www.sedar.com. Filing a document on SEDAR does not satisfy general disclosure by itself, so where that is required (e.g., announcing material changes), a news release should be issued before the related document is filed on SEDAR.