Companies

SEDAR (Canada)

Companies file electronically to commissions across the country with SEDAR which is operated by a national service, The Canadian Depository for Securities Ltd. (CDS).

• There is no national regulator in Canada.
• Companies must file with provincial regulators.
• The biggest provincial regulator is the Ontario Securities Commission (OSC)

The most commonly used regulated filings are:

the Financial Statements and the Management Discussion & Analysis. SEDAR does contain copies of annual reports, but these documents (with the exception of the financial statements and MD&A which are frequently embedded within an annual report), are NOT regulated.

EDGAR (US Traded Companies)

• The SEC  is the national regulator that public companies must file with.
• All filings are found in the EDGAR database.
• Who files:
  • U.S. public parent companies
  • International companies with securities traded in the U.S. must also file (20F)

 Most frequently referenced filings: (Note: Annual Reports are NOT a SEC Filing)

• 10K = company's annual financials (THE major filing)
• 20F = annual filing of non U.S. public parent companies trading in the U.S.
• 10Q = company's unaudited quarterly financials
• 8K = disclosure of unscheduled significant events
• DEF 14A (Proxy Statement) = matters voted on at annual shareholders meeting
• 6-K = filing by foreign issuers  which contains any information that a foreign company issues to its local securities regulators, investors or stock exchange

Management's explanation of events affecting the company's performance and management's expectations for the coming year, including:

• core business
• objectives and strategy
• capability to deliver results - resources, risks and relationships
• results and outlook
• key performance measures and indicators