SEDI

The System for Electronic Disclosure by Insiders, known as SEDI, is the electronic system for filing and publicly disseminating insider trading reports.

SEDI is available to anyone with Internet access and lets insiders, agents and issuers file statutory reports on a 24-hour basis. Reports are available to the public within five minutes of being filed on SEDI.

SEDI provides an efficient disclosure process. Reporting insiders are required to file their insider reports on SEDI within five calendar days of a trade unless an exemption is available. Initial insider reports are subject to a 10 calendar day filing deadline. To encourage prompt filing, insiders may be charged a fee for reports that are filed late, depending on the nature of the transaction and the principal regulator for the reporting issuer.

Public companies other than mutual funds that file documents with SEDAR must also file an issuer profile supplement on SEDI within three business days of becoming a reporting issuer on SEDAR. They must provide a list of the securities that they issue to their insiders, so that the insiders can file their insider reports on SEDI.

Issuers must also file issuer event reports on SEDI disclosing information such as stock splits and consolidations no later than one business day following the event. Issuer events and issuer details, such as a list of outstanding securities, are viewed through the issuer profile supplement on SEDI.

The SEDI User Guide explains how to file insider profiles, insider reports, issuer profile supplements, issuer event reports and related amendments.

Technical assistance related to SEDI filings may be obtained from the CSA Service Desk at the toll free number 1-800-219-5381. Assistance filing reports on SEDI may also be obtained by calling the OSC Inquiries & Contact Centre at 416-593-8314 or the toll free number 1-877-785-1555.

The SEDI Help page provides additional assistance in going through the disclosure process. It gives users instructions on everything from filing and amending to finding information on the site. It also provides factsheets, answers to frequently asked questions, guidelines to insider reporting, related notices and regulations, and information on technical support.

Detailed insider reporting filing requirements are found in:

• Section 107 of the Securities Act (Ontario)
• National Instrument 55-102 System for Electronic Disclosure by Insiders (SEDI)
• National Instrument 55-104 Insider Reporting Requirements and Exemptions

Required forms for registered users, insiders and issuers:

• Form 55-102F1 – Insider Profile
• Form 55-102F2 – Insider Report
• Form 55-102F3 – Issuer Profile Supplement
• Form 55-102F4 – Issuer Event Report
• Form 55-102F5 – SEDI User Registration Form
• Form 55-102F6 – Insider Report (Paper Form for Temporary Hardship Exemption)

These forms may be viewed individually under Additional Information in SEDI Help.

Legislative exemptions from insider reporting requirements:

• National Instrument 51-102 Continuous Disclosure Obligations
• National Instrument 55-104 Insider Reporting Requirements and Exemptions
• National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues
• National Instrument 71-101 The Multijurisdictional Disclosure System
• National Instrument 71-102 Continuous Disclosure and Other Exemptions Relating to Foreign Issuers

For more information, see:

• CSA Staff Notice 55-312 Insider Reporting Guidelines for Certain Derivative Transactions (Equity Monetization)
• CSA Staff Notice 55-315 Frequently Asked Questions about National Instrument 55-104 Insider Reporting Requirements and Exemptions
• CSA Staff Notice 55-316 Questions and Answers on Insider Reporting and the System for Electronic Disclosure by Insiders (SEDI) 
• OSC Staff Notice 55-701 Automatic Securities Disposition Plans and Automatic Securities Purchase Plans