On June 29, 2023, the CSA announced that the launch of SEDAR+ will proceed on July 25, 2023, following a deferral from the previously anticipated June launch date.

Background

On June 9th, NI 13-101 System For Electronic Document Analysis And Retrieval (SEDAR) was repealed and replaced with NI 13-103 System For Electronic Data Analysis And Retrieval + (SEDAR+), thereby requiring certain documents previously filed through SEDAR to be filed through SEDAR+, once SEDAR+ becomes available. On June 9th, the new flat fee billing model also came into effect.

Cutover Period

There will be a 4-day (2-business day) period, during which both SEDAR and SEDAR+ will be unavailable (the Cutover Period). This Cutover Period is anticipated to begin at 11:00 pm ET on July 20, 2023 and end at 7:00 am ET on Tuesday, July 25, 2023. During this time, data will be migrated from SEDAR to SEDAR+ and neither will be available for filing. As soon as SEDAR+ is live, filers should be prepared to register their new SEDAR+ accounts and begin filing using the new platform.

The Canadian Securities Administrators (CSA) issued a Blanket Order in May to provide specific exemptions from filing requirements during the Cutover Period, which provided for 1) a 2-business day extension for filings due during the Cutover Period, and 2) alternate means of filing (outside of SEDAR/SEDAR+) during the Cutover Period.

The Blanket Order has since been revoked and the CSA will issue a new blanket order in advance of the SEDAR+ launch, which is expected to include substantially similar filing exemptions.

SEDAR+ Hours of Operation

SEDAR+ will be available 24 hours a day, seven days a week, which is a departure from SEDAR's current hours of operation, being weekdays from 7:00am to 11:00pm ET, meaning that filings may be due outside of regular business hours on SEDAR+.

The CSA website provides the following example regarding calculation of filing deadlines under the new system:

For example, if Ontario is principal regulator on an application, OSC's internal review guideline allows a review period of 10 working days from receipt of a complete and adequate application to issue a first comment letter. An application that is received after 5:00 p.m. ET on September 1, 2023, will be recorded as received in Ontario on September 2, 2023. In this case, the first day of the review period is September 3, 2023 and the first comment letter would be due on September 16.

Next Steps

Issuers should continue using SEDAR and other existing filing systems until SEDAR+ is live. We encourage issuers to visit the SEDAR+ Learning Centre, which includes extensive information about the new platform including step-by-steps instructional videos, in advance of the launch to become familiar with the new platform.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.