On May 2, 2019 the Canadian Securities Administrators (“CSA”) published a CSA Notice and Request for Comment introducing the National Systems Renewal Program (“NSPR”) aimed at developing a new centralized information technology system (the “Renewed System”) to replace various local records filing systems, as well as the System for Electronic Development Analysis and Retrieval (“SEDAR”), the System for Electronic Disclosure by Insiders (“SEDI”), and the National Registration Database (“NRD”).
In conjunction with the NSPR, the CSA proposes to revise Multilateral Instrument 13-102 — System Fees for SEDAR and NRD (“MI 13-102”), and to repeal and replace National Instrument 13-101 — System for Electronic Document Analysis and Retrieval (SEDAR) with National Instrument 13-103 — System Replacement Rule (“Proposed MI 13-103”). Proposed MI 13-103 will require that, subject to certain exceptions, all documents required or permitted to be filed with or delivered to a securities regulatory authority or regulator be transmitted electronically in accordance with the proposed legislation.
This change can be seen as overdue as the fee structure in MI 13-102 has not been changed since the models were implemented in 1997 (for SEDAR) and in 2003 (for NRD).
This article contains general information only and is not intended to provide a legal opinion or advice. Please consult a lawyer for matters related to your situation before relying on any of the statements made in this article.