The Securities Act R-015-2023, registered with the Chief Legislative Counsel on June 9, 2023, establishes important regulations regarding system fees for SEDAR+ (the System for Electronic Data Analysis and Retrieval). This legislation is for the regulation of securities filings in Canada, ensuring that both companies and individuals comply with established disclosure requirements while facilitating electronic submissions.

The regulations include several key definitions essential for understanding their framework. The Annual Information Form (AIF) is a document required by investors that summarizes a company’s business and financial condition. The Principal Regulator is the main regulatory authority overseeing a specific company or individual, as defined in National Instrument 13-103. A Shelf Prospectus is a type of prospectus that enables companies to register a block of securities for sale at any time within a specified period. Additionally, a System Fee is a fee specified in the appendices, payable for various filings. These definitions clarify the obligations and procedures set forth in the regulations.

The regulations outline a fee structure that individuals and companies must adhere to when submitting various filings. These fees are categorized in Appendices A and B, which detail specific types of filings along with their corresponding fees. Individuals or companies are required to pay a system fee to their principal regulator upon transmitting filings, contingent upon the Superintendent being the principal regulator. Furthermore, by December 31 each year, sponsoring firms must pay a fee for each registrant associated with them, again depending on the Superintendent’s role. All system fee payments are to be processed through the SEDAR+ platform, streamlining the electronic submission process.

The regulations also allow the Superintendent to grant exemptions from the fee requirements, which may be either partial or full, based on specific circumstances. Additionally, a transition clause enables companies to continue utilizing the National Registration Database (NRD) for fee payments until SEDAR+ fully implements the necessary systems for certain filings. This gradual transition provides companies the time needed to adapt to the new requirements without facing immediate financial burdens.

In cases of conflict between these regulations and other National Instruments related to securities regulation, the provisions of this regulation take precedence. This approach helps prevent confusion among companies and their legal advisors regarding compliance.

The introduction of these regulations repeals Multilateral Instrument 13-102, which previously governed system fees for SEDAR and NRD since 2013. This repeal marks a move towards an updated regulatory framework.

Nunavut R-015-2023) June 30, 2023