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Securities Law

NIN 96/40 - Advance Notice - National Instrument 13-101 - System for Electronic Document Analysis and Retrieval (SEDAR) [NIN - Rescinded]

Published Date: 1996-11-21
Effective Date: 1996-11-22

Implementation of National Instrument

The Commission is publishing in a Special Supplement to the Weekly Summary of November 22, 1996 the proposed national instrument relating to the implementation of the System for Electronic Document Analysis and Retrieval (SEDAR) - National Instrument 13-101. Also published in the Special Supplement are the proposed consequential amendments to the Securities Rules, the current version of the SEDAR Filer Manual, which is incorporated by reference into the National Instrument, and a summary of the written comments received and response by the Commission and other Canadian Securities Administrators (CSA).

The Commission has not yet made National Instrument 13-101 as a rule. It anticipates making the rule before January 1, 1997, when electronic filing under SEDAR is scheduled to commence. The National Instrument was adopted as a rule by the Ontario Securities Commission on November 5, 1996 and published in the November 15, 1996 issue of the OSC Bulletin. The Alberta Securities Commission has also adopted National Instrument 13-101 that will come into effect when published in the Alberta Gazette. In jurisdictions where the implementation process has not been completed by January 1, 1997, it is anticipated that the applicable securities regulatory authorities will accept electronic filings made in compliance with National Instrument 13-101 instead of paper filings.

Substance and Purpose of the National Instrument

SEDAR is an initiative of the CSA that will facilitate electronic filing and public dissemination of certain disclosure documents required to be filed under the securities legislation of the provinces and territories of Canada. It will also facilitate electronic payment of required filing fees. In particular, National Instrument 13-101 sets out the requirements governing electronic filings with the Canadian securities regulatory authorities. National Instrument 13-101 mandates that certain prescribed filings made under the securities legislation of the provinces and territories of Canada be transmitted to the securities regulatory authorities in electronic format using a computer-based system operated by CDS Inc., a subsidiary of The Canadian Depository for Securities Limited. National Instrument 13-101 prescribes, among other things, the categories of filers that are required to make electronic filings, the specific types of filings that are required or permitted to be transmitted in electronic format, the requirements for persons seeking to access the SEDAR system to make filings on their own behalf or on behalf of other filers, and the manner in which electronic filings are to be prepared and transmitted.

National Instrument 13-101 incorporates by reference the SEDAR Filer Manual, which contains certain standards, procedures and guidelines for the preparation and transmission of electronic filings. The current version of the SEDAR Filer Manual is Version 2.0 dated November 1, 1996.

Summary of Written Comments and CSA Response

On May 10, 1996, the Commission released for public comment an earlier draft of the proposed national instrument. During the comment period that expired on September 6, 1996, the CSA received written submissions from a broad range of commenters. The Commission participated in the review and analysis of the comments received and has adopted the CSA's response as its response to the issues and concerns brought to the attention of the Commission during the comment period. As in the Commission's view the changes to the proposed national instrument are not material, National Instrument 13-101 is not subject to any further comment period. The Commission wishes to thank those who provided comments on the proposed national instrument.


Questions may be referred to:

Sandy MacDonald
Director, Corporate Planning and Management Services
British Columbia Securities Commission
(604) 660-4800

DATED at Vancouver, British Columbia, on November 21, 1996.

Douglas M. Hyndman