FAQ - SEDI (System for Electronic Disclosure by Insiders)

1. What is SEDI?
  • SEDI is an Internet based program for the filing of Insider Trading Reports.
2. Who is an Insider?
  • An "Insider" is a director or officer of a reporting issuer or a person or entity that has beneficial ownership, control or direction over more than 10% of the voting securities of an issuer.
3. When do I need to file an Insider Trading Report?
  • An insider must file an initial Insider Trading Report (ITR) within 5 calendar days of becoming an Insider, disclosing any direct or indirect ownership or control over the Issuer's securities.
  • You must also file an ITR within 5 calendar days of any changes to such direct or indirect holdings or control.
  • This time period applies to all jurisdictions in Canada.
  • Control persons have different requirements.
4. What are the consequences of failing to file an Insider Trading Report?
  • There are financial penalties imposed by several securities commissions.
5. How do I file using SEDI?
  • Reporting Issuers are required to create and update a SEDI Issuer Profile.
  • Individuals who will be using SEDI are required to complete and submit a user registration form. The form, which is available on the website, must be mailed or faxed to CDS Inc. to activate the account.
  • Before filing the first electronic report, Insiders must file an electronic profile identifying their relationship to a reporting issuer. Once this profile is filed, the insider will receive an access key.
  • An individual's profile and access key is valid for filing ITR's for all companies in which they are an Insider.
6. What is the cost of using SEDI?
  • There is no cost to Insiders for the use of the SEDI system.
  • Reporting Issuers will be charged a SEDI user fee. This fee will be paid annually to CDS Inc. when Annual Financial Statements are filed.
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