Securities Law

BCN 2005/42 - Timing of Proposed Internal Control Rule [BCN - Lapsed]

Published Date: 2005-07-29
Rescinded Date: 2012-05-31

Concurrently Published:

On February 4, 2005, other CSA jurisdictions published for comment proposed Multilateral Instrument 52-111 Reporting on Internal Control over Financial Reporting.  We did not publish the proposed rule for comment because we were not convinced it was the right way to achieve the underlying objective of improving the quality of financial reporting.  BCN 2005/08 contains a complete discussion of our reasons.

Today, other CSA jurisdictions are publishing a notice advising that the timeline for the internal control reporting project has been extended.  We are publishing the CSA notice because it is relevant to British Columbia issuers that are reporting issuers in those jurisdictions.

In May 2005 we held a public forum in Vancouver to discuss the proposed rule.  There was clear support for alternative approaches that would strike a better balance between costs and benefits.  We will continue to examine what, if any, regulatory intervention is needed.

You may refer questions to:

Carla-Marie Hait
Chief Accountant, Corporate Finance
(604) 899-6726
chait@bcsc.bc.ca                                                        

Sheryl Thomson
Senior Legal Counsel
Legal Services, Corporate Finance
(604) 899-6778
sthomson@bcsc.bc.ca 

July 29, 2005

Douglas M. Hyndman
Chair 

Ref:  Multilateral Instrument 52-111 Reporting on Internal Control over Financial Reporting, BCN 2005/08 

This Notice may refer to other documents. These documents can be found at the B.C. Securities Commission public website at www.bcsc.bc.ca in the Commission Documents database or the Historical Documents database.