In our February bulletin, we wrote about the importance of updating your SEDAR+ profile if the information contained in the profile is inaccurate. Generally, information must be updated no later than 10 days after the date on which the transmitter knew, or reasonably should have known, that the information contained in the profile is inaccurate (or earlier, in certain circumstances). We noted that keeping the profiles up to date are not only a regulatory requirement but helps to ensure that regulators have the right information for fee calculation purposes.
We are aware that some issuers have been contacted by securities regulatory authorities with respect to the chosen category and type of investment funds on their SEDAR+ profile. It was noted that the selection of "other" should not be chosen unless there is no other suitable selection. In Alberta, the selection of "other" may result in a higher filing fee – for example, 0.025% of the gross proceeds instead of 0.02% when filing a report of exempt distribution.
When SEDAR+ profiles were migrated over from the legacy SEDAR system, many funds did not have a specific category checked, or were listed as "other", which has resulted in a higher fee calculation. We would be happy to assist you in updating your profiles if you believe your funds may have incorrectly been charged a higher fee because of their classification on SEDAR+.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
