Canadian Regulators Seek Comment on Proposed Changes to Internal Control Reporting Requirements

    TORONTO, March 30 /CNW/ - The Canadian Securities Administrators (CSA)
announced today they are seeking comments on revised National Instrument
52-109 Certification of Disclosure in Issuers' Annual and Interim Filings and
related Companion Policy and Forms. The proposed revisions to the Instrument
set out certification requirements for all reporting issuers other than
investment funds.
    The proposals introduce a new requirement for the CEO and the CFO to
certify that they have evaluated the effectiveness of their internal control
over financial reporting and disclosed their conclusions, including
information about identified deficiencies, in the Management's Discussion and
    "Following extensive consultation and careful consideration of the debate
about internal control reporting in the U.S., the CSA has concluded that these
proposals will increase management's focus on the quality of internal control
over financial reporting and provide greater transparency to investors about
deficiencies," said Jean St-Gelais, Chair of the CSA and President & Chief
Executive Officer of the Autorité des marchés financiers (Québec). "In
developing our proposals, we have endeavoured to reinforce the importance of
high quality, reliable and transparent financial reporting while appropriately
balancing the costs and benefits of the new requirements."
    The proposed Rule, related Companion Policy and Forms, and CSA Notice and
Request for Comments are available on CSA members' websites. The comment
period is open until June 28, 2007.

    The CSA, the council of the securities regulators of Canada's provinces
and territories, co-ordinates and harmonizes regulation for the Canadian
capital markets.

For further information:

For further information: Carolyn Shaw-Rimmington, Ontario Securities
Commission, (416) 593-2361; Ainsley Cunningham, Manitoba Securities
Commission, (204) 945-4733; Frédéric Alberro, Autorité des marchés financiers,
(514) 940-2176; Jane Gillies, New Brunswick Securities Commission, (506)
643-7745; Andrew Poon, British Columbia Securities Commission, (604) 899-6880;
Nicholas A. Pittas, Nova Scotia Securities Commission, (902) 424-6859; Tamera
Van Brunt, Alberta Securities Commission, (403) 297-2664; Barbara Shourounis,
Saskatchewan Financial Service Commission, (306) 787-5842; Marc Gallant,
Prince Edward Island Office of the Attorney General, (902) 368-4552

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