CSA extends comment period for internal control and ceritification rule

Deadline is now June 30

The Canadian Securities Administrators have extended the comment period for a rule that would impose controversial internal control reporting requirements.

The CSA’s proposed rule largely follows Sarbanes-Oxley section 404, which requires issuers to audit internal controls and report any deficiencies to the market. The provision has been controversial because implementation has proved costly to companies.

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