Thursday, March 01, 2007
CEO and CFO Certifications in Canada
Stikeman Elliott, a top-notch Canadian law firm, has posted a newsletter on its web site about The current status of CFO and CEO certifications in Canada. The newsletter discusses the certification rules (Multilateral Instrument MI 52-109 (2003)), which are effective for most Canadian issuers for filings covering FYE December 31, 2006. Like certifications under Sarbanes-Oxley, in Canada the CEO and CFO must also certify that they have reviewed the annual financials and MD&A and that based on their knowledge there are no untrue statements of material fact, nor are there material omissions. The certifications also cover disclosure controls.