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ARTICLE · 03 MAY 2005

Canadian Securities Administrators Extend Time For CEO And CFO Certification Regarding Internal Control Over Financial Reporting

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The Canadian Securities Administrators recently published proposed amendments to the Certification of Disclosure in Issuers’ Annual and Interim Filings rule.

CanadaFinance and Banking
Sheldon Freeman
Sheldon Freeman
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In our Update of March 4, 2004, we outlined the certification requirements for chief executive officers and chief financial officers contained in Multilateral Instrument 52-109 - Certification of Disclosure in Issuers’ Annual and Interim Filings (the "Rule"), which came into effect on March 30, 2004.

The Canadian Securities Administrators recently published proposed amendments to the Rule to allow CEOs and CFOs to omit the following certifications for permitted periods from (i) full annual certificates filed for financial years ending on or before June 29, 2006 ("Permitted Financial Years") and (ii) full interim certificates filed for interim periods that occur before the end of the issuer’s first financial year ending after June 29, 2006 ("Permitted Interim Periods"):

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