The Canadian Securities Administrators (CSA) has agreed to terms with CGI Information Systems and Management Consultants Inc., ensuring a new era of electronic document analysis and dissemination, according to a CSA statement.
The original agreement between the two parties – signed back in April 2013 – will now oversee the implementation of a variety of new services scheduled to begin as early as January 13, 2014. Under the terms of the accord, CGI will facilitate hosting, operations and maintenance of the System for Electronic Document Analysis and Retrieval (SEDAR). Furthermore, the company also will oversee a pair of electronics initiatives, including the System for Electronic Disclosure by Insiders (SEDI) and the National Registration Database (NRD). In particular, The NFD is the paramount Canadian database since 2003 that allows for security dealers and investment advisers to file registration forms electronically.
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Smooth Transition Means No Changes Needed By Deadline For Users of SEDI and NRD
Indeed, the deal looks to foster the highest regulatory standards in the country, and the latitude afforded to the CSA will ensure complete transparency and operational effectiveness beginning in just under a week. According to the statement, “Systems will not be available to market participants from 8pm ET Friday, January 10, 2014 to 7am ET Monday, January 13, 2014. However, new SEDAR desktop software will be available on January 13, 2014 and installation of this software must take place within two weeks of the cutover date for users to continue to have access to the SEDAR system.”
Furthermore, any users of both the SEDI and NRD systems will not need to alter or make any changes prior to the deadline transition.