CSA Staff Notice: MI - 52-309 - Multilateral Instrument 52-110 Audit Committees Compliance Review

CSA Staff Notice: MI - 52-309 - Multilateral Instrument 52-110 Audit Committees Compliance Review

CSA Notice

 

May 6, 2005

MULTILATERAL INSTRUMENT 52-110 AUDIT COMMITTEES

COMPLIANCE REVIEW

Multilateral Instrument 52-110 Audit Committees (the Instrument) came into force on March 30, 2004 in every jurisdiction in Canada except British Columbia and Quebec. In Quebec, it will come into force once it is approved by the Minister of Finance. With limited exceptions, the Instrument applies to all reporting issuers.

Issuers subject to the Instrument are reminded that they must comply with the Instrument's requirements beginning on the earlier of

    • the issuer's first annual meeting after July 1, 2004, and

    • July 1, 2005.

Commencing shortly, staff from certain CSA jurisdictions will conduct a compliance review of a sample of issuers. This review will focus on each issuer's compliance with the Instrument's requirements regarding audit committee composition and responsibilities. Issuers that have been selected for this review will be contacted by CSA staff.

We will publish the results and outcomes of this review upon its completion.

Questions may be referred to the following people:

Rick Whiler
Ontario Securities Commission
Telephone: (416) 593-8127
 
Lara Gaede
Alberta Securities Commission
Telephone: (403) 297-3302
 
Ian McIntosh
Saskatchewan Financial Services Commission
Telephone: (306) 787-5867
 
Tony Herdzik
Saskatchewan Financial Services Commission
Telephone: (306) 787-5849
 
Sylvie Anctil-Bavas
Autorité des marchés financiers
Telephone: (514) 395-0558 x. 4373
 
Nicole Parent
Autorité des marchés financiers
Telephone: (514) 395-0558 x. 4455
 
Frank A Mader
Nova Scotia Securities Commission
Telephone: (902) 424-5343