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ARTICLE · 15 MAY 2008

Canadian Securities Administrators Publish Revised Proposed Replacement Of Instrument Relating To Internal Control Reporting And Certification Requirements

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The Canadian Securities Administrators recently published for comment a revised replacement of Multilateral Instrument 52-109 — “Certification of Disclosure in Issuers’ Annual and Interim Filings”.

CanadaFinance and Banking
Eric Moncik
Eric Moncik
Jesse Blinick
Jesse Blinick
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Copyright 2008, Blake, Cassels & Graydon LLP

Originally published in Blakes Bulletin on Securities Regulation, May 2008

HIGHLIGHTS

  • Proposed national instrument would distinguish between venture issuers and non-venture issuers

  • Management would be required to evaluate an issuer's internal control over financial reporting (ICFR) and provide MD&A disclosure about their conclusions on the effectiveness of ICFR

  • Guidance provided on how the design of ICFR and the evaluation of ICFR should be undertaken

  • New certificate would be available for venture issuers

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