CIRI Advocates for Equal Access to Company Filing Content on SEDAR

TORONTO, Sept. 20, 2011 /CNW/ - The Canadian Investor Relations Institute (CIRI) today submitted a recommendation to the Canadian Securities Administrators (CSA) to provide equal access for investors and others to information filed on SEDAR (System for Electronic Document Analysis and Retrieval) by publicly traded companies.

CIRI's letter to the CSA points out that SEDAR currently provides two levels of access to information filed by reporting issuers:

  • near real-time access to fee-paying subscribers to SEDAR-SCRIBE; and
  • next-day access on sedar.com for free.

CIRI strongly believes that having two access levels to company filings on SEDAR is inconsistent with the intent of securities regulations to foster fair and efficient capital markets and provide all investors with equally timely, accurate information on which to base investment decisions.

"To achieve the goal of fair and efficient capital markets requires a level playing field, which is not provided under the current two-tier level of access to SEDAR filings," says Tom Enright, President and Chief Executive Officer, CIRI.

The CSA website positions SEDAR as the official site for public company information with the stated goal to improve investor awareness and "promote confidence in the transparent operation of the capital markets in Canada."  As such, a CSA-mandated website should support and exemplify the goals of securities legislation and provide access to SEDAR-filed documents equal to SEDAR-SCRIBE (near real-time).  CIRI asks that the CSA immediately commence work to allow all investors with the same level of near real-time access to SEDAR filings.

"Even if an issuer posts the information on its own company's website once it is filed with SEDAR, unnecessary confusion and inefficiency for an investor can result when the 'official website' (sedar.com) fails to contain the same information at the same time," Mr. Enright says.

CIRI recommends the CSA undertake to provide real-time availability on sedar.com for publicly available filed documents.  While CIRI understands this recommendation will involve significant computer software and possibly hardware change, the CSA can publicly announce its intentions to align its official filing website (sedar.com) with the goals of securities laws to provide all investors with timely access to material and other information issued by publicly owned companies.

For a complete copy of CIRI's letter to the CSA please visit www.ciri.org

About CIRI

CIRI is a professional, not-for-profit association of executives responsible for communication between public corporations, investors and the financial community. CIRI contributes to the transparency and integrity of the Canadian capital market by advancing the practice of investor relations, the professional competency of its members and the stature of the profession. With more than 600 members and four chapters across the country, CIRI is the voice of IR in Canada. For further information, please visit www.ciri.org.

SOURCE Canadian Investor Relations Institute

For further information:

Tom Enright
President and Chief Executive Officer, CIRI
(416) 364-8200
tenright@ciri.org

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Canadian Investor Relations Institute

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