SEDI is the acronym for System for Electronic Disclosure by Insiders. It is an Internet-based program used to file insider trading reports.

National Instrument 55-104 - Insiders Reporting Requirements and Exemptions (NI-55-104) is the instrument that sets out the main insider reporting requirements and exemptions for insiders of reporting issuers. Some of the highlights of the instrument include:

  • The filing deadline for insider reporting is 5 calendar days. The criteria for determining who is a reporting insider The rules surrounding grants from stock based compensation programs allows the option for issuers to file issuer grant reports within 5 days of the grant rather than insiders filing individual reports. This is not a requirement for the issuer therefore insiders should verify what the issuer’s policy will be in this regard.

The instrument and the companion policy can be viewed in their entirety by visiting any of the securities commission websites or via this link.

CSA Staff Notice 55-315 Frequently Asked Questions (FAQs) about National Instrument 55-104 Insider Reporting Requirements and Exemptions (NI 55-104)

This notice sets out a number of FAQs that were received and are related to the insider reporting regime contained in NI 55-104 and includes a number of examples of arrangements and transactions together with examples of how to report these arrangements and transactions. You can find the complete notice HERE.


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