News Releases
SEDI Issuer Profile Supplement Filing Requirement
May 05, 2003
TORONTO, May 6 /CNW/ - Public companies, other than mutual funds, must now register on the System for Electronic Disclosure by Insiders (SEDI) and file issuer profile supplements. The 24-hour online disclosure system requires that reporting issuers register with SEDI and file such information between May 5 and 30th.
The Canadian Securities Administrators (CSA) published a notice today as required under the new Part 9 of National Instrument 55-102 System for Electronic Disclosure by Insiders (SEDI), as amended. SEDI replaces paper- based reporting of insider trading data for insiders of SEDI issuers. This notice informs issuers that are SEDI issuers existing before May 30, 2003 that they must file an issuer profile supplement over the Internet on SEDI using the SEDI web site, www.sedi.ca, by May 30, 2003.
SEDI issuers are reporting issuers, other than mutual funds, that are required to file disclosure documents in electronic format through the System for Electronic Document Analysis and Retrieval (SEDAR) - essentially all Canadian public companies.
From October 29, 2001 to January 31, 2002, SEDI was operational, but was then suspended due to technical problems. However, data filed and collected on SEDI during this period is not available because of those problems. Therefore, even if SEDI users registered and filed an issuer profile supplement on SEDI during this period, they will have to register and file a current issuer profile supplement by May 30, 2003. We apologize for this inconvenience to SEDI issuers (or their agents) who registered and filed data on SEDI during this period.
Therefore, SEDI issuers can now immediately begin registering and filing their issuer profile supplements on SEDI. They must file an accurate and complete issuer profile supplement by May 30, 2003 (or have an agent do this), so that, starting on June 9, 2003, their insiders can file accurate and timely insider trade reports on SEDI. Any issuer that becomes a SEDI issuer on or after May 30, 2003 will have three business days to file its SEDI issuer profile supplement.
Please refer to CSA Staff Notice 55-309 Launch of the System for Electronic Disclosure by Insiders (SEDI) and Other Insider Reporting Matters (Notice 55-309). Amongst other things, Notice 55-309 sets out details about the SEDI launch, including this requirement for SEDI issuers to file an issuer profile supplement as well as the filing requirements for insiders.
SEDI, an initiative of the CSA, an umbrella organization of the 13 provincial and territorial securities regulators, will bring faster and better public access to data on insider trades by making the information available electronically, virtually the minute it is filed.
The SEDI system was developed for the CSA by CDS INC., a subsidiary of the Canadian Depository for Securities Limited, which also operates SEDAR and the National Registration Database (NRD).