CSA Announces Exemptions From Filing Requirements During Deferred Switch to SEDAR+

On June 8, 2023, Canadian Securities Administrators (CSA) provided an update on the previously announced exemptions from certain securities law filing requirements in connection with the transition from the existing System for Electronic Data Analysis and Retrieval (Old SEDAR) to the new System for Electronic Data Analysis and Retrieval + (SEDAR+).

Previously, on May 11, 2023, CSA announced exemptions that generally allowed issuers to delay securities law filings required to be transmitted through SEDAR+ during the period between June 9, 2023 and the date that was the earlier of June 16, 2023 or the date on which SEDAR+ became available for filing (the “Initial Filing Exemptions”). However, on June 1, 2023, it was announced that the SEDAR+ launch date would be delayed until July 25, 2023, with a contingency launch date of September 12, 2023 (see our Update, CSA Defers Launch of SEDAR+).

Given the delayed launch of SEDAR+, each member of the CSA issued substantially similar blanket orders providing for revised exemptions from SEDAR+ filing requirements. In particular, where filings are required to be transmitted through SEDAR+, market participants will generally be permitted to complete such filings through Old SEDAR or as otherwise set out in the Appendix to the blanket order. Under the blanket order, the Initial Filing Exemptions are revoked.

In addition, the new fee model, previously announced by CSA on March 23, 2023, will still come into effect on June 9, 2023, and will apply to all filings on Old SEDAR and the National Registration Database (as well as SEDAR+ filings after its launch date). Until SEDAR+ is launched, filers will be able to pay system fees on Old SEDAR.

For questions concerning this development, please contact any member of our Capital Markets Group.