Notice of Ministerial Approval of NI 52-109 and Consequential Amendment to NI 51-102
The OSC has published notice of Ministerial Approval of the revised National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings (previously published in the OSC Bulletin on August 15, 2008, click here for our previous post) and has confirmed that new rule, and related forms and companion policy, will come into force on December 15, 2008.
As a consequence of the implementation of the revised National Instrument 52-109, CEO and CFO certifications filed under the revised rule will be required to include, among other things, a certification that the CEO and CFO have evaluated the effectiveness of the issuer's internal control over financial reporting and have caused the issuer to disclose their conclusions about such effectiveness in the issuer's MD&A. The revised rule also contains new forms of certifications for venture issuers and for issuers completing an IPO or reverse-takeover.
As a consequence of these amendments, the MD&A form (Form 51-102F1) will also be amended, effective December 15, 2008, to include specific reference to the disclosure required to be included in the MD&A under the revised certification rule.
