SEDAR+: How it started vs. how it’s going

On July 25, 2023, the System for Electronic Data Analysis and Retrieval + (SEDAR+) was launched with the objective of consolidating and replacing the System for Electronic Data Analysis and Retrieval (SEDAR) platform, the National Cease Trade Order Database, the Disciplined List Database, certain paper-based filings and those in the British Columbia Securities Commission’s eServices system and the Ontario Securities Commission’s electronic filing portal.

To date, SEDAR+ has experienced a number of technical difficulties, including performance issues, account activation service interruptions, fee calculation errors and restrictions on the functionality of its search features. Despite these technical difficulties, the Canadian Securities Administrators (CSA) have taken the position that SEDAR+ became available for filing on July 25, 2023, and did not extend the prior blanket order that enabled issuers to utilize alternative filing methods.¹ 

“Enhanced” operating hours 

One intended benefit of SEDAR+ is expanded hours, which would allow issuers to complete filings 24/7. Previously, SEDAR’s hours of operation were Monday to Friday, 7 a.m. to 11 p.m. (Eastern Time), and the system was not available on Canadian statutory holidays. 

Due to ongoing technical difficulties, SEDAR+ originally operated under reduced hours (7 a.m. to 9 p.m. Eastern Time) to allow for “ongoing maintenance.” While access has improved and SEDAR+ is now available on a 24-hour basis on weekdays, it remains subject to occasional interruptions between 11:00 p.m. and 7:00 a.m. (Eastern Time) to allow for system maintenance to be conducted.

User account activation

Prior to the launch of SEDAR+, the CSA ran a well-publicized campaign to have all filers properly onboarded to the platform. Despite such endeavors, onboarding efforts have been complicated with many issuer submissions being rejected without any clear basis. Further, users have reported a variety of technical problems preventing issuers from completing their filings in a timely manner. Those who are experiencing these difficulties have been advised to contact the CSA service desk for resolution.

Default notices

Previously, to determine if an issuer was in default, and for the most reliable and up-to-date information, one needed to visit the websites of each of the securities regulatory authorities for each of the issuer’s reporting jurisdictions and consult the reporting issuer list to determine if the issuer was in default in that jurisdiction. 

SEDAR+ now offers expanded information on issuers that was previously unavailable on the SEDAR platform. While easy access to such key information will be beneficial, to date users have reported instances of issuers being incorrectly identified as in default due to migration issues. The CSA is actively responding to issuers and seeking to address errors in a timely manner, but there have been difficulties in removing incorrect default designations. Practically, this can pose difficulties for issuers involved in transactions who need to evidence they are not currently in default.

Filing fee errors

Prior to the launch of SEDAR+, the CSA stated there were known instances where SEDAR+ was not calculating fees accurately. These issues persist and there are instances of issuers being undercharged and overcharged. The CSA has provided workarounds for known errors on their website but have not provided a timeline for resolution. In the interim, the CSA recommends that filers: (i) review the SEDAR+ workaround guide; (ii) become familiar with the known fee calculation errors; (iii) contact the CSA service desk if they expect to make a filing where overcharging may occur; and (iv) respond promptly to requests to pay outstanding fees in the system.

Filing date errors

Certain submissions on SEDAR+ are displaying incorrect filing dates. This poses risks as the new search fields allow for documents to be searched for by date. Therefore, one could erroneously believe that a document has not been filed due to this error. The CSA service desk is aware of this issue and is reviewing these instances case-by-case.

Late fee charges

Due to the ongoing technical difficulties with SEDAR+, the CSA announced on July 27, 2023, it would not be implementing late fee charges on filings. On August 11, 2023, the CSA and its members resumed charging late filing fees.

CSA service desk response times

In light of the myriad of technical difficulties that have arisen, and the need for active assistance from the CSA service desk, response times from the CSA service desk have been greatly impacted due to high call volumes.

While SEDAR+ is designed to improve access to information by consolidating multiple systems and databases into one publicly searchable site, consolidation and improved access has not come without complications. At present, it seems likely that the growing pains will continue despite the efforts of the CSA to resolve and address issues in a timely manner. Notwithstanding these frustrations, as issues continue to be resolved, we remain optimistic that the new system will mark a significant improvement over its predecessor. Up-to-date information on the open and closed technical issues relating to the SEDAR+ platform can be found here.