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October 18, 1996
Sedar Subscriber Update

This week, our update focuses on the projected phase-in schedule for SEDAR filings and the electronic banking enrollment process you will need to undertake in order to use the SEDAR system.

 

Following is the projected phase-in schedule (subject to regulatory approval)

Group Category of Electronic Filer Category of Filing Phase-In Date
1. POP Reporting Issuers and Public Mutual Fund Issuers 1 Continuous

Disclosure 2

January 1, 1997
2. Non-POP Reporting

Issuers 1

Continuous

Disclosure 2

February 1, 1997
3. All Other Filers 1, 3 All Other Electronic Filings March 1, 1997

Notes: 1. It is requested that electronic filers file their "filer profiles" at least 30 days in advance of their phase-in date (the proposedNational Instrument called for filing 15 days in advance)

2. "Continuous Disclosure" means any of the documents listed in Appendix A under "Continuous Disclosure" for the particular category of filer and, in the case of POP issuers, the Annual Information Form filed under NPS 47.

3. The mandate and phase-in schedule for Single Jurisdiction Filers is still under review by the regulatory authorities. More information will be provided as soon as possible.

 

Electronic Payments

As you know, the electronic payment function of SEDAR requires that you complete arrangements with an EDI-compliant financial institution for payment of filing fees to the regulatory authorities and SEDAR service fees (where applicable). This functionality will be available on January 1, 1997 to coincide with the projected start of the SEDAR phase-in schedule.

 

To date, subscribers have not been asked to provide us with their EDI-capable bank account information. Instead, we have asked only for the name and branch of your principal financial institution (FI) on SEDAR Form 1. We plan to provide the subscriber company name, contact name and telephone number as well as the FI branch name to the appropriate FI so that they can provide branch personnel with the materials necessary to complete the SEDAR enrollment process

 

We are also providing central contacts to you for each of the participating FI's. This list appears below- we encourage you to contact your FI as soon as possible to begin the enrollment process. You may expect enrollment to take up to four weeks. As soon as this process is complete, we ask that you advise us of the account number for entry into the SEDAR system. This step must be completed no later than November 22nd to ensure that your SEDAR electronic fee payment capability will be operational on January 1, 1997.

 

The EDI program contacts are as follows:

Bank of Montreal Colin Gruchy (416-867-4815) or Morag Wallace(416-867-4678)

Bank of Nova Scotia Harpreet Seetal (416-866-3348) or Tom Provencher (416-866-7811)

National Bank of Canada Sylvain Lemarbre (514-394-4091)

CIBC Sandra Hewitt (416-980-2773) or John Haslehurst (416-214-8081)

Royal Bank of Canada Jim Hart (416-974-7797) or Sylvie Lagace (416-974-8.53)

TD Bank Al Gratton (416-982-3483) or Brian Kieley (416-982-4582)

 

Additional details of the electronic payment implementation plan will be forwarded to you early next week.

 

Required EDI Banking Arrangements

 

At the time of registration as a filing service subscriber, the subscriber must provide CDS with the following EDI banking information on SEDAR FORM 1, in order to facilitate automated processing of payment instructions:

 

(a) the financial institution, the branch name, and the EDI banking account to be used for EDI payments. Each filing service subscriber must establish an EDI banking account for electronic filing purposes with an EDI-compliant financial institution in Canada. The account selected may be an existing account, or it could be a new account if it is desired to segregate SEDAR payments. The subscriber will enter into a formal agreement with the financial institution whereby the selected acccount will be made 'EDI-enabled'. The time to complete the agreement and do EDI system set up will typically require up to 4 weeks;

(b) the number of electronic signatures (1 or 2) required to be entered to SEDAR to authorize each electronic payment instruction;

(c) a payment limit;

(d) banking privileges. Separate totals will be specified for the individuals (user ID's) who will have privileges to authorize payments up to the payment limit, individuals with unlimited payment authority, and individuals who cannot authorize any payments through SEDAR. (See Section 5.3(b) of SEDAR Filer Manual -- Payment Authorization by Subscriber); and

(e) whether the user will be filing from the Province of Quebec. This determines whether or not Quebec Sales Tax will accrue to the SEDAR filing service charge.

 

The EDI banking information provided by the subscriber is entered in the SEDAR system by CDS and is made available to the subscriber on the "Access and Banking Authorization" screen in the SEDAR Filer Software. The subscriber is responsible for verifying that CDS has correctly entered the subscriber's EDI banking information.

 

The subscriber should be aware that a successful filing can not be made to the SEDAR server if the banking information is incorrect or incomplete in the SEDAR system:

 

The financial institution, branch or account number has not been entered in the SEDAR system by CDS.

 

No user ID's have been set up with priveleges to authorize payments through SEDAR.

 

The user has requested 2 signatures to authorize a payment, but only 1 user ID has been given banking authority.

 

A payment exceeds the payment limit but no user ID's have been assigned unlimited payment authority.

 

 

 

The user can make changes to their banking information by resubmission of a new and properly authorized Form1 to CDS (changes may be submitted by fax).

 

The payment limit must be some non-zero value and can be used in several ways:

 

The payment limit can be set at a level to force special user signoff on larger payments.

 

If there are to be no user payment restrictions, the payment limit could be set to $1.00, and all user ID's approved for banking would be assigned unlimited payment authorization.

 

The payment limit could be set at an amount that is an upper limit to what the user would ever expect to pay, and all user ID's approved for banking would be assigned limited authorization. This would protect the user against an unreasonably high payment - possibly due to a clerical error. Any payment over the limit will of course cause the submission to fail. A better solution may be for the user to contact their financial institution, who in most cases can put in place an individual payment limit or a daily limit on their EDI payments. The FI will reject any payment which exceeds the limit.

 

 

The SEDAR Helpdesk may be reached at: 1 - 8.5 - 219 - 5381


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