SEDAR is the electronic system for the official filing of documents by public companies and investment funds across Canada. It can be found at Its purpose is to:

  • facilitate electronic filing of securities information as required by the securities regulatory authorities in Canada;
  • allow for the public dissemination of securities information filed by public companies and investment funds; and
  • provide electronic communication between electronic filers, agents and the Canadian securities regulatory authorities.

SEDAR provides access to documents filed by public companies, investment funds and certain third-party filers. All Canadian public companies and investment funds must file their documents through SEDAR. Foreign companies should file a notice of election before filing documents through SEDAR. In addition, some third parties who are involved in public company transactions, such as take-over bids, may be required to file appropriate documents through SEDAR.

SEDAR is the place to go for the financials, agreements, NI43-101 reports, in short an essential part of doing due diligence. Look for things like change of control bonuses in the Management Information Circulars.


The System for Electronic Disclosure by Insiders (SEDI) is Canada's on-line, browser-based service for the filing and viewing of insider reports as required by various provincial securities rules and regulations. SEDI replaces paper-based reporting and provides for an efficient disclosure process.

Issuer Profile Supplements contain key information about the issuer, particularly relating to contact information, such as the name and address of insider affairs contact and securities designations. It is very important that the profiles contain the most up-to-date information. The Issuer Profile Supplement should be filed within 3 days of becoming a reporting issuer (NI 55-102, s.2.3(1)). The profile should be amended immediately if there are changes or updates to the profile information (NI 55-102, s.2.3(3)).

If you already own or control, directly or indirectly, securities or related financial instruments relating to a SEDI issuer, you need to file your insider profile and opening balance within 10 calendar days of becoming a reporting insider. Any changes to your holdings must be reported within five calendar days of the change. An insider shall file an amended profile if there are any changes to the information disclosed in the insider’s most recently filed insider profile, at the time the insider next files an amended insider profile or an insider report. Please refer to NI 55-102, Part 2 SEDI Filing Requirements for further information.

SEDI is very useful to track the buying and selling of insiders, and look if funny transactions could be going on, for example transactions dealing with extremely cheap shares in large quantities. Large sales by insiders are always suspect, but check first if these aren't done for warrant/option conversions, resulting in even larger holdings. Also suspicious are changes filed well after the required 5 calendar day period. There is only a small fine to be paid for this, so the regulators are effectively enabling these things in my view.

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