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
"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
For a complete copy of CIRI's letter to the CSA please visit www.ciri.org
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:
President and Chief Executive Officer, CIRI