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ARTICLE · 26 JUNE 2008

Another Round Of CSA Proposals On Internal Controls

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The publication for comment by the Canadian Securities Administrators of a further proposal to replace Multilateral Instrument 52-109 – Certification of Disclosure in Issuers' Annual and Interim Filings (MI 52-109) comes after much debate.

CanadaFinance and Banking
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The publication for comment by the Canadian Securities Administrators of a further proposal to replace Multilateral Instrument 52-109 – Certification of Disclosure in Issuers' Annual and Interim Filings (MI 52-109) comes after much debate.

This revised proposal (the New Proposed Instrument), which would be a National Instrument, reflects various substantial comments that were received by the CSA in response to their earlier proposal on internal controls in March 2007 (the 2007 Proposal).

The New Proposed Instrument, like the 2007 Proposal, would require CEOs and CFOs to certify that they have performed an evaluation of the issuer's internal control over financial reporting (ICFR) in addition to its disclosure controls and procedures (DC&P), and also to provide, based on this evaluation, management discussion and analysis (MD&A) disclosure about their conclusions regarding the effectiveness of

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