The Canadian Securities Administrators (CSA) are pleased to announce that a new service agreement has been entered into with CGI Information Systems and Management Consultants Inc (CGI) pursuant to which CGI will take over the hosting, operation and maintenance of the System for Electronic Documents Analysis and Retrieval (SEDAR), the System for Electronic Disclosure by Insiders (SEDI) and the National Registration Database (NRD) (collectively, the CSA National Systems) later this year when the agreement with the current service provider expire.
The new arrangements with CGI are expected to decrease the operating costs of the CSA National Systems and provide opportunities to pass along savings to market participants. Moreover, at the time CGI takes over operation of the CSA Nationals Systems, overall systems fees to market participants are expected to be reduced when proposed National Instrument 13-102 Systems Fees for SEDAR and NRD comes into effect.
Under the terms of the new agreement, CGI will provide data centre, data network, service desk, application management, user and billing, disaster recovery and certain other services. The new agreement has an initial term of five years commencing from the time CGI takes over the operation of the CSA National Systems and is extendible for up to three additional years.
CGI was the successful respondent to a request for proposals, which was publicly issued in July 2012.
The CSA, the council of the securities regulators of Canada's provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.