SEDAR+ (System for Electronic Document Analysis and Retrieval Plus) is the electronic filing and public disclosure platform maintained by the Canadian Securities Administrators for the receipt, storage, and public dissemination of disclosure documents filed by Canadian reporting issuers.¹ SEDAR+ replaced the original SEDAR platform in 2023 as the primary continuous disclosure filing system for Canadian capital markets. All documents required under NI 51-102 must be filed through SEDAR+ to satisfy the regulatory filing obligation.

System overview

SEDAR+ is operated by the CSA on behalf of the ten provincial and three territorial securities regulatory authorities. All filings on SEDAR+ are publicly accessible without charge through the SEDAR+ public search interface. Documents filed through the system carry the official filing date and time recorded by the platform, which is the date used for compliance purposes.

The migration from SEDAR to SEDAR+ introduced a new taxonomy for document classification, an updated issuer profile structure, and enhanced search capabilities. Filers are required to register through the SEDAR+ portal and to update their issuer profile when material information changes.

Document categories and filing types

SEDAR+ organises filings into categories corresponding to regulatory instruments. The primary categories applicable to a reporting issuer under NI 51-102 are:

Financial statements — annual financial statements filed within 90 days of fiscal year-end; interim financial statements filed within 45 days of each of the first three quarter-ends.

MD&A — annual MD&A filed concurrently with annual financial statements; quarterly MD&A filed concurrently with interim financial statements.

Annual Information Form — filed within 90 days of fiscal year-end.

Material Change Reports — Form 51-102F3 filed within 10 days of each material change.

Press releases — material change press releases and other material press releases filed concurrently with their public dissemination.

Proxy and information circulars — management information circulars and proxies for shareholder meetings filed as required under applicable corporate legislation and securities rules.

Technical filing requirements

Documents filed on SEDAR+ must conform to the technical requirements specified in CSA rules and guidelines:

• Format. Annual and quarterly financial statements must be filed in XBRL (Extensible Business Reporting Language) in addition to the readable document format. MD&A, AIFs, and press releases are filed in PDF or another approved readable format.
• Language. Documents may be filed in English, French, or both. In Quebec, the filing must comply with the Charte de la langue française requirements, which mandate a French version for certain documents.
• Signature. Certain filing types require a signed certificate or representation from the issuer's certifying officers (CEO and CFO) confirming the accuracy of the disclosure.

CEO and CFO certification under NI 52-109

Annual and quarterly financial statements and related MD&A filed under NI 51-102 must be accompanied by certification under National Instrument 52-109 signed by the issuer's chief executive officer and chief financial officer.² The certification requires each officer to confirm that:

• The financial statements and MD&A present fairly, in all material respects, the financial condition and results of operations of the issuer
• The issuer's disclosure controls and procedures have been designed and evaluated, and are effective, during the period covered by the filing
• Any material weakness in internal control over financial reporting has been disclosed

See also

• about-annual-reporting-cycle — the annual reporting obligations
• about-quarterly-reporting — the interim reporting requirements
• about-material-change-reporting — material change disclosure procedures

1. CSA Staff Notice 11-332 — SEDAR+ Launch. CSA, 2023. ↩

2. National Instrument 51-102 Continuous Disclosure Obligations. CSA, 2004 (as amended). ↩