Canadian Securities Administrators Propose Increased SEDAR+ System Fees
Recently, the Canadian Securities Administrators (CSA) announced some big changes to the SEDAR+ system fees that are coming down the pipeline. In a notice published on November 21, 2024, the CSA outlined proposed amendments to Multilateral Instrument 13-102 – System Fees (“MI 13-102”) and has opened up a ninety-day comment period, running until February 19, 2025.
If you’re a SEDAR+ or NRD filer, you’ll want to pay close attention to these proposed changes because they will mean significant increases in system fees for all types of filings, including annual disclosure document filings. The new fee structure will kick in on November 30th annually for the next five years, starting in November 2025.
The first increase in fees will be the biggest, with all fee types set to jump by around 60% come November 30, 2025. After that, we can expect to see annual increases of approximately 3-4% each year through 2029. In total, these increases are expected to amount to roughly 65% in 2026, 70% in 2027, 75% in 2028, and finally, 80% in 2029.
But before you get too worried, the CSA estimates that these fee hikes will only result in an overall increase of less than $2,500 for 95% of filers and less than $1,000 for 85% of filers in the first year.
The proposed amendments will apply to all CSA jurisdictions except British Columbia, including Ontario, Quebec, Alberta, Saskatchewan, Manitoba, New Brunswick, and Nova Scotia. British Columbia is expected to follow suit pending government approvals, while Manitoba, although not a MI 13-102 participant, is likely to align its regulations accordingly.
The CSA has emphasized that these fee increases are necessary to ensure sufficient funding for their national systems over the next five years. So, it looks like changes are on the horizon for SEDAR+ and NRD filers in Canada – better start preparing for those increased fees!
