News Releases

Securities Regulators Implement New Investor Confidence Measures

Jan 16, 2004

Securities regulators in Canada are releasing three new rules to address investor confidence and uphold the reputation of Canada’s capital markets.


National Instrument 52-108 Auditor Oversight has been adopted in all Canadian jurisdictions.  Multilateral Instruments 52-109 Certification of Issuers’ Annual and Interim Filings and 52-110 Audit Committees have been adopted in every Canadian jurisdiction except British Columbia. These new rules will take effect March 30, 2004, pending provincial ministerial approvals.


Nationally, a new rule will require:

  • reporting issuers to hire auditors who are members of the Canadian Public Accountability Board (CPAB).

In most provinces and territories, new rules will require:

  • chief executive officers and chief financial officers of reporting issuers to provide annual and interim certifications with respect to their issuer’s annual information form, audited financial statements, and management’s discussion and analysis (MD&A), and
  • reporting issuers to have an independent and financially literate audit committee with prescribed duties.

Exemptions from certain requirements are available to venture issuers, controlled companies and U.S.-listed companies that are subject to the Sarbanes-Oxley requirements.


The CSA is moving ahead with the new requirements after a thorough public consultation process designed to ensure that the proposed regulations are appropriate for Canada’s capital markets.


“We received very thoughtful feedback from market participants through the public comment period as well as through independent research done by several jurisdictions,” said Stephen Sibold, Chair of the CSA and Chair of the Alberta Securities Commission.  “With this input, we are moving forward with a made-in-Canada response to further improve investor confidence in our capital markets.”


Copies of the adopted rules as well as summaries of comments received can be found on the websites of several provincial securities commissions.


The CSA is a council of the 13 securities regulators of Canada's provinces and territories.  It coordinates and harmonizes regulation for the Canadian capital markets.  More information is available at the CSA website,




For more information:


Joni Delaurier

Alberta Securities Commission


Andrew Poon

B.C. Securities Commission


1-800-373-6393 (B.C. & Alberta only)

Eric Pelletier

Ontario Securities Commission


Barbara Timmins

Commission des valeurs mobilières du Québec


1-800-361-5072 (Québec only)