FAQ: SEDI (INSIDER REPORTING)

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


WHO NEEDS TO FILE ON SEDI AND WHO IS CONSIDERED A REPORTING INSIDER?

National Instrument 55-104 defines a reporting insider as the following:

  1. the CEO, CFO or COO of the reporting issuer, of a significant shareholder of the reporting issuer or of a major subsidiary of the reporting issuer;
  2. a director of the reporting issuer, of a significant shareholder of the reporting issuer or of a major subsidiary of the reporting issuer;
  3. a person or company responsible for a principal business unit, division or function of the reporting issuer;
  4. a significant shareholder of the reporting issuer;
  5. a significant shareholder based on post-conversion beneficial ownership of the reporting issuer’s securities and the CEO, CFO, COO and every director of the significant shareholder based on post-conversion beneficial ownership;
  6. a management company that provides significant management or administrative services to the reporting issuer or a major subsidiary of the reporting issuer, every director of the management company, every CEO,CFO and COO of the management company, and every significant shareholder of the management company;
  7. an individual performing functions similar to the functions performed by any of the insiders described in paragraphs (a) to (f);
  8. the reporting issuer itself, if it has purchased, redeemed or otherwise acquired a security of its own issue, for so long as it continues to hold that security; or any other insider that
    1. in the ordinary course receives or has access to information as to material facts or material changes concerning the reporting issuer before the material facts or material changes are generally disclosed; and
    2. directly or indirectly exercises, or has the ability to exercise, significant power or influence over the business, operations, capital or development of the reporting issuer;

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