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Canadian Securities Administrators Extend Time for CEO and CFO Certification Regarding Internal Control Over Financial Reporting


Area Corporate and Commercial, Corporate Finance and Securities


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 certain certifications for permitted periods from (i) full annual certificates filed for financial years ending on or before June 29, 2006 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.

These proposed amendments will come into force on June 6, 2005, subject to any action taken by the Minister responsible for the Ontario Securities Commission before such date. The purpose of these amendments is to allow CEOs and CFOs to satisfy themselves that they have an appropriate basis for providing the Internal Control Certifications.

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