May 25, 2005
Ontario Securities Commission Discusses 52-111 Implementation
At a session sponsored by the Financial Executives Institute in Toronto, Canada, the Ontario Securities Commission (OSC) gave their guidance and feedback for Canadian filers subject to the upcoming 52-111 legislation - the Canadian version of Sarbanes-Oxley 404.
The Chief Accountant, John A. Carchrae and Jo-Anne Matear, Senior Legal Counsel were the speakers from the OSC. They laid out the details of the proposed legislation and their reasoning behind the closeness in similarity to the Sarbanes-Oxley Section 404.
Both speakers highly recommended to Canadian filers to understand that this legislation is important to the reputation of Canadian financial markets. It is interesting that the Canadian legislation exempts an entire market - the TSX-Venture Exchange. This differs from the US SEC approach of including ALL registrants.
The OSC also has proposed very protracted deadlines - from June 2006 for the largest filers all the way out to June 2009 for the smallest filers.
The OSC has asked for public comment by June 6th, 2005. Thus far, only two comments have been submitted.
Stay tuned for more information on this important topic.
To help your company adequately comply with Sarbanes-Oxley and the Canadian 52-111 legislation, see www.issuescentral.com to learn more about Sarbanes-Oxley Compliance Playbook(tm) or call 800.410.6681 ext 114
The Chief Accountant, John A. Carchrae and Jo-Anne Matear, Senior Legal Counsel were the speakers from the OSC. They laid out the details of the proposed legislation and their reasoning behind the closeness in similarity to the Sarbanes-Oxley Section 404.
Both speakers highly recommended to Canadian filers to understand that this legislation is important to the reputation of Canadian financial markets. It is interesting that the Canadian legislation exempts an entire market - the TSX-Venture Exchange. This differs from the US SEC approach of including ALL registrants.
The OSC also has proposed very protracted deadlines - from June 2006 for the largest filers all the way out to June 2009 for the smallest filers.
The OSC has asked for public comment by June 6th, 2005. Thus far, only two comments have been submitted.
Stay tuned for more information on this important topic.
To help your company adequately comply with Sarbanes-Oxley and the Canadian 52-111 legislation, see www.issuescentral.com to learn more about Sarbanes-Oxley Compliance Playbook(tm) or call 800.410.6681 ext 114
