News Release

IFIC responds to CSA’s proposal to raise SEDAR+ system fees

Association proposes improvements to meet investor and industry needs

February 19, 2025 (Toronto) – The Investment Funds Institute of Canada has responded to the Canadian Securities Administrators’ (CSA) proposed amendments to Multilateral Instrument 13-102 System Fees. The proposal seeks to increase system fees for SEDAR+ and the National Registration Database (NRD) and is intended to better align system fee revenues with projected national systems operating costs.

“We understand that the CSA’s fee proposals are based on cost recovery, and we do not oppose the increases,” said Andy Mitchell, President and CEO, IFIC. “We are pleased that the most significant challenges with the use of SEDAR+ have been addressed, and we appreciate the CSA’s commitment, collaboration and ongoing work to resolve outstanding issues.”

Although we do not oppose the fee increases, we recommend the following improvements to support SEDAR+ as a system that will adequately respond to investor and industry needs:

• Overcome functionality challenges: Continue to address the concerns about SEDAR+ that have already been raised by the industry (such as the search function and slow functionality), resolve all issues as soon as possible, and publish a firm timeline to do so.
• Increase industry involvement: Establish a committee that includes industry IT participants to help the CSA better shape SEDAR+ for the future and help ensure adequate development, reasonable transition periods, and optimization of the user experience and utility.
• Reduce regulatory burden: Offset the significant fee increases for SEDAR+ by maximizing its use as a tool to reduce regulatory burden. For example, SEDAR+ could be used as a central repository for mandatory disclosure documents if and when the CSA moves to an access-based disclosure system.
• Amortize the fee increase: Divide the total system fee increases equally over the next five years instead of a 60 per cent raise in 2025 and a three per cent raise for the following four years to avoid a sudden, significant budget impact for registrants in 2025.
• Avoid sudden, significant fee increases: Raise fees gradually, when increases are warranted.

About SEDAR+

The CSA is modernizing the electronic filing and data access systems that underpin Canadian securities regulation. SEDAR+ is the secure, web-based system used by all market participants to file, disclose and search for information in Canada’s capital markets.

About IFIC

The Investment Funds Institute of Canada is the voice of Canada’s investment funds industry. IFIC brings together approximately 150 organizations, including fund managers, dealers, professional and back-office service providers, to strengthen the integrity of the investment funds industry, foster public confidence in investment funds, and enable investors to achieve good outcomes. By connecting savers to Canada’s economy, our industry contributes significantly to Canadian economic growth and job creation.

For more information:

Christine Harminc
Senior Manager, Communications and Public Affairs
charminc@ific.ca
416-309-2313