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ARTICLE · 07 SEPTEMBER 2008

Canada´s New Rule On Internal Control Certifications Effective For December 2008 Year-Ends

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Canada's securities regulators have published new National Instrument 52-109 on CEO and CFO certifications and related MD&A (management's discussion and analysis) disclosure.

CanadaFinance and Banking
Leslie McCallum
Leslie McCallum
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Canada's securities regulators have published new National Instrument 52-109 on CEO and CFO certifications and related MD&A (management's discussion and analysis) disclosure. The new rule is substantially unchanged from the proposal published in April 2008 and discussed in Torys' bulletin, Canada's Securities Regulators Release New Proposals on Internal Controls 1 The rule will apply to annual and interim filings of all reporting issuers (except investment funds) beginning with periods ending on or after December 15, 2008. This bulletin summarizes the new aspects of NI 52-109 in comparison with current requirements.

The new forms of annual and interim certificates for non-venture issuers appear at the end of this bulletin. The forms of venture issuer certificates and other certificates to be used in certain special situations can be found in the Notice of National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings. 2

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