Article by Jonathan Lampe and Mark Spiro
Originally published in July 2003
On June 27, 2003, the Ontario Securities Commission (OSC) released for comment three rules that it believes are necessary to restore investor confidence in Canada’s capital markets. Following the pattern set by the Sarbanes-Oxley Act of 2002 in the United States, the rules contemplate:
- certification of annual and interim disclosures by an issuer’s chief executive officer and chief financial officer,
- increased independence, competence and responsibility for audit committees, and
- support for the Canadian Public Accountability Board in its oversight of external auditors.
With the exception of British Columbia (which has expressed some reservations about the need for these rules), the provincial and territorial securities regulators across Canada have joined the Commission in these initiatives. In describing the new rules, David Brown, the Chairman of the Commission, stated that:
