Saskatchewan’s Regulations 48/2023 introduces amendments to the Securities Commission’s regulatory framework, particularly focusing on system fees. The Securities Commission (Adoption of National Instruments) (MI 13-102) Amendment Regulations, 2023 primary aim is to update existing Securities Commission rules by clarifying the system fees that entities must pay when filing various securities-related documents.

The amendments involve repealing outdated provisions and replacing them with updated definitions and requirements. Notably, Clause 2 now references Multilateral Instrument 13-102, which outlines the system fees that must be paid when filing with the principal regulator. The updated regulations define critical terms such as Annual Information Form (AIF), which pertains to documents required under various National Instruments for continuous disclosure obligations, and System Fee, which is detailed in Appendices A and B, specifying fees for different types of filings.

The regulations outline the fees associated with various filings. For instance, a sponsoring firm is required to pay $86 for the registration or reactivation of an individual registrant, while an investment fund that is a reporting issuer must pay $525 for annual financial statements. Additionally, the regulations emphasize that these fees must be paid through SEDAR+, a system for electronic data filing and retrieval.

Exemptions from system fees may be granted at the discretion of the regulator or securities authority, although specific conditions apply, particularly in Ontario, where only the regulator has the authority to grant exemptions. Transition rules indicate that until SEDAR+ requires certain filings, fees should be paid through the National Registration Database (NRD), facilitating a smoother transition to the new filing system.

Moreover, the previous Multilateral Instrument 13-102 regarding system fees for SEDAR and NRD, which had been in effect since October 2013, is repealed and replaced with these new provisions. The regulations took effect on June 9, 2023, and will apply retroactively if filed later.

Appendix A provides a detailed fee structure for various filings. For example, the fee for annual financial statements for reporting issuers (excluding investment funds) is set at $765, while fees for preliminary long-form prospectus filings range from $950 to $2,200, depending on the type and issuer. Additionally, Appendix B specifies an annual registration renewal fee of $86 for each individual registrant sponsored by a firm.

The amendments introduced by Regulations 48/2023 update to the regulatory framework governing securities in Saskatchewan. By clarifying definitions, revising fee structures, and transitioning to SEDAR+, these changes aim to improve the effectiveness of securities regulation. 

Saskatchewan (48/2023) June 30, 2023