News Releases
ASC Provides Relief For Venture Issuers
Nov 23, 2007
The Alberta Securities Commission (ASC) has issued a blanket order to provide relief for venture issuers from certain certification requirements currently outlined in Multilateral Instrument (MI) 52-109 Certification of Disclosure In Issuers’ Annual and Interim Filings. The ASC blanket order allows venture issuers to file a simplified form of certification called a “Basic Certificate”, which does not include representations relating to the design and evaluation of certain controls in their organizations.
The ASC order comes after the Canadian Securities Administrators (CSA) extensively reviewed and considered comments received regarding the proposed repeal and replacement of MI 52-109 last spring. As a result the CSA has issued a notice announcing that there will be significant revisions to certain aspects of the proposed changes to the rule, including how it applies to venture issuers.
“During the comment period, many Alberta venture issuers expressed concern that the control requirements of the existing and proposed rule are excessive, inappropriate and cost-prohibitive for small companies with limited resources,” says Fred Snell, ASC’s Chief Accountant. “This feedback was a factor in our decision to offer exemptive relief to Alberta venture issuers until such time that a revised 52-109 rule is adopted.”
The relief applies to those Alberta venture issuers who file interim and annual certificates for the periods ending on or after December 31, 2007. We expect other jurisdictions to be offering similar relief.
A copy of the ASC Blanket Order, ASC Notice and CSA Notice are available on the ASC website at www.albertasecurities.com.
The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted to foster a fair and efficient capital market in Alberta and to protect investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.
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For further information please contact:
For Investor Inquiries: ASC Public Inquiries
Toll Free 1-877-355-0585
Toll Free 1-877-355-0585