52.2 WHAT IS REQUIRED?
52.3 CoCo CONTROL MODEL
52.4 COMPARISON OF CoCo TO COSO
(a) Definition and Scope
(b) Underlying Concepts
(c) Judgment of Effectiveness
(d) CoCo Differs in Three Important Respects
In 2002, the Ontario Securities Commission (OSC) introduced Bill 198 in response to the reforms taking place in the United States under the Sarbanes-Oxley Act (SOX) and to regain the confidence of investors in Canada's capital markets. Just as the United States saw a number of fiascoes and accounting scandals like Enron and WorldCom, so did Canada with companies like Parmalat and Nortel. Not surprisingly, therefore, Bill 198 is often referred to as Canadian SOX (CSOX).
The purpose of Multilateral Instrument 52-109 (MI 52-109) Certification of Disclosure in Issuers' Annual and Interim Filings is to improve the quality and reliability of reporting issuers' annual and interim disclosures. The initial phase of the ruling required CEOs and CFOs certify that:1