Companies
SEDI
The System for Electronic Disclosure by Insiders, known as SEDI, is the electronic system for filing and publicly disseminating insider trading reports.
SEDI is available to anyone with Internet access and lets insiders, agents and issuers file statutory reports on a 24-hour basis. Reports are available to the public within five minutes of being filed on SEDI.
Disclosure process
SEDI provides an efficient disclosure process. Since November 1, 2010, insiders are required to file their insider reports on SEDI within five calendar days of a trade unless an exemption is available. Initial reports are still currently subject to a 10 calendar day filing deadline. To encourage prompt filing, insiders may be charged a fee for reports that are filed late, depending on the nature of the transaction and the principal regulator for the reporting issuer.Filings by public companies
Public companies other than mutual funds that file documents with SEDAR must also file an issuer profile supplement on SEDI within three business days of becoming a reporting issuer on SEDAR. They must provide a list of the securities that they issue to their insiders, so that the insiders can file their insider reports on SEDI.Issuers must also file issuer event reports on SEDI disclosing such information as stock splits and consolidations no later than one business day following the event. Issuer events and issuer details, such as a list of outstanding securities, are viewed through the issuer profile supplement on SEDI.
The SEDI User Guide explains how to file insider profiles, insider reports, issuer profile supplements, issuer event reports and related amendments.
Technical assistance related to SEDI filings may be obtained from the Technical Service Desk at the toll free number 1-800-219-5381, or 416-365-8671. Assistance filing reports on SEDI may be obtained by calling the OSC Inquiries & Contact Centre at 1-877-785-1555, or 416-593-8314.
SEDI Help
The SEDI Help page provides additional assistance in going through the disclosure process. It gives users instructions on everything from filing and amending to finding information on the site. It also provides factsheets, answers to frequently asked questions, guidelines to insider reporting, related notices and regulations, and information on technical support.Detailed insider reporting filing requirements are found in:
- National Instrument 55-102 System for Electronic Disclosure by Insiders (SEDI)
- Section 107 of the Securities Act (Ontario)
- Form 55-102F1 – Insider Profile
- Form 55-102F2 – Insider Report
- Form 55-102F3 – Issuer Profile Supplement
- Form 55-102F4 – Issuer Event Report
- Form 55-102F5 – SEDI User Registration Form
- Form 55-102F6 – Insider Report (Paper Form for Temporary Hardship Exemption)
Legislative exemptions from insider reporting requirements:
- National Instrument 55-101 Insider Reporting Exemptions
- Sections 166, 170 and 171 of the Regulation under the Securities Act (Ontario)
- Multilateral Instrument 55-103 Insider Reporting for Certain Derivative Transactions (Equity Monetization)
- Companion Policy 55-103CP
- CSA Staff Notice 55-308 Questions on Insider Reporting
- CSA Staff Notice 55-310 Questions and Answers on the System for Electronic Disclosure by Insiders (SEDI)
- CSA Staff Notice 55-312 Insider Reporting Guidelines for Certain Derivative Transactions (Equity Monetization)
- CSA Staff Notice 55-314 Use of the Terms "Senior Officer", "Officer" and "Insider" in NI 55-101 Insider Reporting Exemptions
- OSC Staff Notice 55-701 Automatic Securities Disposition Plans and Automatic Securities Purchase Plans
