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

On July 17, 2023, Canadian Securities Administrators (CSA) announced updated 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+). The exemptions generally allow issuers to delay securities law filings required to be transmitted through SEDAR+ until after the Transition Period (as defined below), and provide an alternative method for completing urgent filings during the Transition Period. The exemptions are substantially similar to those previously announced on May 11, 2023, which were subsequently revoked due to the delayed launch of SEDAR+ (see our Updates, CSA Announces Exemptions From Filing Requirements During Switch to SEDAR+, CSA Defers Launch of SEDAR+ and CSA Announces Exemptions From Filing Requirements During Deferred Switch to SEDAR+).

Filing Exemptions

On June 29, 2023, CSA confirmed its plans to launch SEDAR+ on July 25, 2023. Old SEDAR will no longer be available as of 11 p.m. on July 20, 2023 and CSA anticipates that SEDAR+ will be available for filing at 7 a.m. on July 25, 2023.

Each member of the CSA has issued a blanket order (available here) to address the period of time (the “Transition Period”) between July 21, 2023 and the date that is the earlier of the date on which SEDAR+ becomes available for filing and July 28, 2023 (the “Transition Period End Date”). Under the blanket orders, filings required to be transmitted through SEDAR+ during the Transition Period may be filed no later than two business days after the Transition Period End Date (notwithstanding the filing deadline that would otherwise apply under applicable securities laws).

In addition, if an issuer wishes to file a document (e.g., a prospectus) during the Transition Period, the issuer is permitted to do so in the manner set out in the Appendix to the blanket order, and must also file the document on SEDAR+ no later than two business days after the Transition Period End Date.

The blanket order does not relieve an issuer from any requirement under securities laws to issue a news release or deliver a document to securityholders.