Securities Law

52-322 - Status of Proposed Repeal and Replacement of Multilateral Instrument 52-109 Certification of Disclosure In Issuers’ Annual and Interim Filings [CSA Staff Notice - Rescinded]

Published Date: 2008-07-11
Effective Date: 2008-07-11
Rescinded Date: 2008-12-15

Staff of the Canadian Securities Administrators (the CSA or we) are issuing this notice to update market participants on the status of the initiative to repeal and replace Multilateral Instrument  52-109 Certification of Disclosure in Issuers' Annual and Interim Filings and the related forms and companion policy. 

On April 18, 2008, the CSA published for comment the following:

  • National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings;
  • Forms 52-109F1, 52-109FV1, 52-109F1 - IPO/RTO, 52-109F1R, 52-109F1 - AIF, 52-109F2, 52-109FV2, 52-109F2 - IPO/RTO and 52-109F2R; and
  • Companion Policy 52-109CP Certification of Disclosure in Issuers' Annual and Interim Filings (collectively, the Proposed Materials).

The comment period for the Proposed Materials expired on June 17, 2008.  We received 26 comment letters.  We have considered all comments received and do not expect to recommend any material amendments to the Proposed Materials. 

A number of commenters requested that the CSA defer the effective date of the Proposed Materials from December 15, 2008 until a date in 2009.  CSA staff continue to believe that the proposed effective date of December 15, 2008 is appropriate and will recommend this effective date to our respective commissions. 

We are preparing the final form of the Proposed Materials and will recommend publication as soon as practicable.  Publication of the final materials is subject to commission approvals.       


Please refer your questions to any of the following individuals:

OntarioSecurities Commission

Marion Kirsh

Associate Chief Accountant

(416) 593 8282


Jason Koskela

Legal Counsel, Corporate Finance

(416) 595 8922



Sandra Heldman

Senior Accountant, Corporate Finance

(416) 593 2355


British ColumbiaSecurities Commission

Carla-Marie Hait

Chief Accountant, Corporate Finance

(604) 899 6726



Sheryl Thomson

Senior Legal Counsel, Corporate Finance

(604) 899 6778



AlbertaSecurities Commission

Fred Snell

Chief Accountant

(403) 297 6553



Kari Horn

General Counsel

(403) 297 4698


Patricia van de Sande

Securities Analyst

(403) 355 4474




ManitobaSecurities Commission

Bob Bouchard

Director, Corporate Finance

(204) 945 2555 




Autorité des marchés financiers

Nicole Parent

Analyste, Direction des marchés des capitaux

(514) 395 0337, poste 4455


July 11, 2008