The Canadian Securities Administrators (CSA) has published final amendments that will increase system fees for SEDAR+ and the National Registration Database (NRD) over a five-year period starting on 28 November 2025. The changes are intended to ensure sufficient funding to operate the CSA’s national systems over that period, increasing the total dollar amount of fees collected while introducing no new system fees. The CSA will continue to apply a flat per-filing system fee model, with fees increasing proportionally based on system use as part of its cost recovery approach. The final package is largely unchanged from the proposals published for comment on 21 November 2024, with no substantive revisions following feedback, but it adds WKSI-related system fees because amendments establishing an expedited shelf prospectus regime for well-known seasoned issuers are scheduled to come into force at the same time. Provided all required approvals are obtained, the amendments are expected to come into force on 28 November 2025 in all participating CSA jurisdictions.
Canadian Securities Administrators 2025-07-10
Canadian Securities Administrators finalise amendments raising SEDAR+ and NRD system fees from 28 November 2025
The Canadian Securities Administrators (CSA) have finalized amendments to increase system fees for SEDAR+ and the National Registration Database (NRD) over five years starting 28 November 2025, ensuring sufficient funding for national systems. The amendments maintain a flat per-filing fee model, with fees rising proportionally based on system use, and introduce WKSI-related fees aligned with a new expedited shelf prospectus regime. Implementation is contingent on obtaining necessary approvals.