On June 1, 2023, the Canadian Securities Administrators (CSA) announced a delay in the launch date for the "System for Electronic Data Analysis and Retrieval +" (SEDAR+). Originally scheduled for June 13, 2023, the SEDAR+ launch has now been moved back to July 25, 2023, with a contingency date in September.
While the SEDAR+ system is reportedly functioning well, the data migration quality control process is taking longer than the CSA had anticipated. If work on the data migration is still not complete in time for the projected July 25 launch, the CSA has set September 12, 2023 as a contingency date. The CSA has indicated that its final decision about the SEDAR+ go-live date will be communicated by the end of June to assist organizations with planning.
While capital market participants will continue to use the existing SEDAR platform until the launch of SEDAR+, the flat-fee model announced in March will come into effect on June 9, 2023 and apply to all SEDAR and National Registration Database (NRD) filings.
The CSA intend to issue a CSA Notice and Blanket Order on June 8, 2023 to support the date change.
We continue to monitor these important developments and will keep our clients and readers apprised as they unfold.
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