SEDI is the System for Electronic Disclosure by Insiders, established by the Canadian securities regulatory authorities. SEDI facilitates the filing and public dissemination of insider reports in electronic format via the Internet and this Web site.
Insiders who are required by provincial securities laws to file insider reports in electronic format must use this Web site to make these filings. Insiders of foreign reporting issuers that are not required to file their disclosure documents in SEDAR, are exempt from filing in SEDI but are still required to file insider reports in paper format with the applicable securities regulatory authority. To facilitate insider reporting in SEDI, issuers filing in SEDAR are required to file in SEDI certain issuer information, including their lists of security designations and issuer event information.
SEDI benefits insiders, securities regulators and the market by:
permitting an insider to securely file insider reports in electronic format over the Internet using commonly available web browsers
permitting an insider to satisfy the legislative requirements of the applicable Canadian securities regulatory authorities by filing its report once on a system which is available to users 24 hours a day seven days a week, subject to interruptions for maintenance and technical upgrades
improving public access to insider reports by making such reports available on a Web site shortly after they are filed.
Insider reporting serves two important functions:
it provides information to the market about the trading activities of directors, senior officers or significant shareholders of reporting issuers
it serves to deter insider trading based on confidential information, since insiders know they must disclose all of their trades to the public.
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Warning
The responsibility for complying with the insider reporting requirement rests with the insider. Securities laws may change from one jurisdiction to another. The consequences of non-compliance can be serious. If you are uncertain about your legal obligations you should seek advice from legal counsel who practises securities law.
Note:
This online help guide is intended to assist those who are obliged by law to prepare and file insider reports and related filings. In accordance, the terms "you" and "I" apply to insiders, agents and issuer representatives, as appropriate. |