On June 27, 2003, the Canadian Securities Administrators (“CSA”) released their much anticipated responses to the corporate governance initiatives mandated by the US Sarbanes-Oxley Act (“SOX”), in the form of three new policy initiatives:
-Multilateral Instrument 52-109 dealing with CEO and CFO certification of annual and interim securities filings (the “Certification Rule”),
-Multilateral Instrument 52-110 dealing with audit committees (the “Audit Committee Rule”), and
-Multilateral Instrument 52-108 dealing with auditor oversight of Canadian issuers (the “Auditor Oversight Rule”)
(collectively, the “Proposed Rules”).
It is anticipated that the Proposed Rules will be adopted by all of the CSA except the British Columbia Securities Commission (the “Participating Commissions”). For further information on the proposed changes in British Columbia please refer to the Summer 2003 edition of The Material Change Report.
The Proposed Rules are open for comment until September 25, 2003. It is expected that each of the Proposed Rules will become effective on January 1, 2004.

type Securities & Capital Markets Special Alert - Proposed Canadian Corporate Governance Rules