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ARTICLE · 29 SEPTEMBER 2008

New Rule On Internal Controls To Be Effective In December 2008

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The Canadian Securities Administrators have now published the new National Instrument 52-109 – “Certification of Disclosure in Issuers’ Annual and Interim Filings” (NI 52-109), which is scheduled to come into force on December 15, 2008.

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The Canadian Securities Administrators have now published the new National Instrument 52-109 – Certification of Disclosure in Issuers' Annual and Interim Filings (NI 52-109), which is scheduled to come into force on December 15, 2008. NI 52-109 and its requirements will then apply to annual and interim filings of all reporting issuers (except investment funds) for financial periods ending on or after that date. Consequently, issuers with December 31 year ends will need to reflect these new requirements in their year end filings.

This final publication of NI 52-109 follows the CSA proposal for a new internal controls rule that was published for comment earlier this year (the 2008 Proposal). Our article describing this proposal can be found in the June 2008 issue of The Material Change Report at http://www.blgcanada.com - go to Publications. The CSA have acted quickly, after the comment period for the 2008 Proposal expired on June 17, to assess the comments received

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