October 23, 2006 CSA Securities

Toronto - The Canadian Securities Administrators (CSA) today announced the release of a report, SEDI User Opinion Survey Highlights related to the System for Electronic Disclosure by Insiders (SEDI). Provincial securities laws require insiders of public companies to file reports of their trading in the company’s securities. In 2003, the CSA introduced SEDI, an electronic filing system, to replace paper-based reporting and provide both insiders and the public with a more efficient and timely disclosure of insider trading.

The purpose of the Survey was to gain a better understanding of who uses SEDI, how it is used, the requirements that are important to users, and the level of satisfaction with SEDI. Two extensive online surveys were conducted of registered users and public users. There were 1,752 responses from registered users and 350 responses from public users.

Individuals who file their own reports accounted for 55% of registered users. More than half indicated they have trouble with the complexity of the system. SEDI agents, those who file on behalf of insiders, are more experienced with SEDI and know how to use it, still say they find it awkward and inefficient.

“We acknowledge that while the system does work there are usability issues and we are committed to improving the system,” says Jean St-Gelais, CSA Chair. “Our proposed course of action will include either modifications to SEDI or a redevelopment; however, it is too soon in the process to tell which route we’ll take.”

By the end of 2005, there were approximately 17,000 registered users of SEDI, filing for more than 37,000 insiders. An unknown number of public users viewed approximately 1.5 million public reports in 2005.

The SEDI User Opinion Survey Highlights is available on the CSA website at www.csaacvm.ca.

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian Capital Markets.

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