Canadian securities regulators are extending the deadline for full implementation of the new system for electronic filing of insider trading reports.

The System for Electronic Disclosure by Insiders went live as scheduled yesterday. However, the Canadian Securities Administrators announced that the deadline for public companies to file their issuer profile supplements has been extended to November 19 from November 5.

In addition insiders will be required to file insider reports electronically effective December 17, a change from the original date of November 13. All on-line registration and filing procedures for insiders will be available beginning December 3.

The change was made to allow additional time to fine tune and further test the system. It will also provide a longer transition period as requested by issuers and filing agents during a nationwide series of information sessions sponsored by the CSA during the past two weeks.

Insiders will continue to use current paper procedures for filing until the new deadlines.