CALGARY, Nov. 23 /CNW/ - The Alberta Securities Commission (ASC) has
issued a blanket order to provide relief for venture issuers from certain
certification requirements currently outlined in Multilateral Instrument (MI)
52-109 Certification of Disclosure In Issuers' Annual and Interim Filings. The
ASC blanket order allows venture issuers to file a simplified form of
certification called a "Basic Certificate", which does not include
representations relating to the design and evaluation of certain controls in
The ASC order comes after the Canadian Securities Administrators (CSA)
extensively reviewed and considered comments received regarding the proposed
repeal and replacement of MI 52-109 last spring. As a result the CSA has
issued a notice announcing that there will be significant revisions to certain
aspects of the proposed changes to the rule, including how it applies to
"During the comment period, many Alberta venture issuers expressed
concern that the control requirements of the existing and proposed rule are
excessive, inappropriate and cost-prohibitive for small companies with limited
resources," says Fred Snell, ASC's Chief Accountant. "This feedback was a
factor in our decision to offer exemptive relief to Alberta venture issuers
until such time that a revised 52-109 rule is adopted."
The relief applies to those Alberta venture issuers who file interim and
annual certificates for the periods ending on or after December 31, 2007. We
expect other jurisdictions to be offering similar relief.
A copy of the ASC Blanket Order, ASC Notice and CSA Notice are available
on the ASC website at albertasecurities.com.
The ASC is the regulatory agency responsible for administering the
province's securities laws. It is entrusted to foster a fair and efficient
capital market in Alberta and to protect investors. As a member of the
Canadian Securities Administrators, the ASC works to improve, coordinate and
harmonize the regulation of Canada's capital markets.
For further information:
For further information: For Media Inquiries: Mark Dickey, Senior
Communications Advisor, (403) 297-4481, firstname.lastname@example.org; For Investor
Inquiries: ASC Public Inquiries, Toll Free 1-877-355-0585