The Canadian Securities Administrators’ (CSA) latest major tech project won’t make its planned launch date.
The CSA is pushing back the June 13 debut of SEDAR+, which will initially consolidate several of the regulators’ existing databases, including SEDAR, the national cease trade order (CTO) database, and the disciplined list.
The regulators said that, while the new system is currently working well, the process of transferring large volumes of data from the current systems “is taking longer than planned.”
As a result, the CSA is pushing back the launch date for SEDAR+ to July 25 “to ensure that the data migration meets the CSA’s strict quality control standards.”
However, it’s prepared to miss that date too, and has set Sept. 12 as its backup launch date if the new system still isn’t ready to go in July.
In the meantime, filers are required to continue using the existing systems, but the new fee model being adopted alongside SEDAR+ will take effect on June 9 as planned, the CSA said.
Looking further out, the regulators still intend to roll the rest of their various filing systems, including the System for Electronic Disclosure by Insiders and the National Registration Database, into future versions of SEDAR+.