Regulatory Alerts2025-09-19
Policy Statement to Regulation 52-109 Respecting Certification of Disclosure in Issuers' Annual and Interim Filings
The provincial and territorial securities regulatory authorities issued this policy to guide the interpretation and application of Regulation 52-109, which mandates certification of disclosure in annual and interim filings for reporting issuers. The document requires certifying officers to ensure fair presentation of financial condition and reliability of financial reporting, explicitly prohibiting reliance on GAAP compliance as a sole qualification for these representations. It further outlines requirements for designing disclosure controls and internal control over financial reporting using a top-down, risk-based approach to address fraud risks and ensure reasonable assurance.
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