For Immediate Release
July 29, 2005

Regulators Revise Timeline for Internal Control Reporting Project

Montreal – The Canadian Securities Administrators (CSA) announced today that they have extended the timeline for the internal control reporting project. The earliest an internal control reporting instrument would apply is in respect of financial years ending on or after June 30, 2007. Under the proposed internal control instrument, as it was originally published, internal control reporting requirements were to be phased in over four years, commencing with financial years ending on or after June 30, 2006.

The extension to the timeline for the internal control reporting project will allow the CSA sufficient time to assess the potential impact of current developments in the U.S. relating to internal control reporting requirements similar to those proposed in Canada. As well, it will allow the CSA sufficient time to consider issues raised in the 64 submissions from commenters on the proposed Internal Control Instrument.

On February 4, 2005, the securities regulatory authorities in every Canadian jurisdiction other than British Columbia, published for comment a proposed instrument regarding reporting on internal control. Multilateral Instrument 52-111 Reporting on Internal Control over Financial Reporting and Companion Policy 52-111CP and comments submitted on these documents are available on several CSA members’ web sites.

The CSA is the council of the securities regulators of Canada's provinces and territories whose objectives are to improve, coordinate and harmonize regulation of the Canadian capital markets.

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