The Canadian Securities Administrators have published rule amendments establishing the long overdue System for Electronic Disclosure by Insiders.

The amendments to National Instrument 55-102 System for Electronic Disclosure by Insiders and related forms, and Companion Policy 55-102CP are characterized as “consequential housekeeping amendments” resulting from a further review of SEDI, after it was suspended in January 2002 due to technical difficulties.

The changes are not considered material, and are not being republished in some jurisdictions such as Ontario. However, in Saskatchewan the regulation-making procedures that govern the commission require that the amendments be published for comment.

The amendments will become effective on different dates in the various jurisdictions, depending on local rule and policy-making procedures. In Saskatchewan the amendments will become effective after the comment period has expired, the Minister has approved them, and they are filed with the Registrar of Regulations. This is expected to be by May 31.

The CSA and CDS Inc., the SEDI system developer and operator, plan to re-launch SEDI in stages once it is ready for re-implementation. The CSA intends to publish a staff notice that will advise market participants about the SEDI re-launch and notify insiders and issuers of the steps needed to resume filing on SEDI.

SEDI issuers and their insiders who filed data on SEDI during the “initial period” will need to register again and file new and current issuer profile supplements or insider profiles once SEDI is again operational. SEDI issuers and their insiders need to do this in order for insiders to meet their insider reporting obligations of filing their reports on SEDI.

The amendments add a new issuer profile supplement filing requirement for issuers that filed an issuer profile supplement on SEDI before Jan. 31, 2002. They also expand the temporary hardship exemption, and reduce the issuer profile supplement securities designation requirements by requiring issuers to designate only their outstanding securities that are held by insiders.

These changes are out for comment until April 25.