Bill 198
Encyclopedia
In Canada, Bill 198 is an Ontario legislative bill effective April 7, 2003, which provides for regulation of securities issued in the province of Ontario. The legislation encompasses many areas. It is perhaps best known for clauses that provide equivalent legislation to the U.S. Sarbanes-Oxley Act
to protect investors by improving the accuracy and reliability of corporate disclosures. Thus, it is also known as the "Canadian Sarbanes-Oxley" Act or C-SOX (see-socks).
In October 2002, the Provincial Government of Ontario
, Canada
introduced an omnibus bill in the legislature entitled "Keeping the Promise for a Strong Economy Act (Budget Measures), 2002", now simply referred to as Bill 198. It was enacted as Chapter 22 of the Statutes of Ontario, 2002. Bill 198 received Royal Assent on December 9, 2002 and the amendments to the securities provisions of Bill 198 proclaimed in force on April 7, 2003. Bill 198 amends Part XXIII.1 of the Ontario Securities Act.
As a budgetary legislation, it touched on many different aspects of government operation. Provisions included measures about corporate disclosure, auto insurance and tax. Thus, only a small portion of Bill 198 was relevant to "Sarbanes-Oxley" issues.
In June 2003, all Canadian securities commissions (except the British Columbia Securities Commission) issued three regulations for public comment designed to build on Bill 198:
MI 52-109 has been agreed to by the Canadian Securities Administrators (CSA), and covers additional SarbOx issues.
Sarbanes-Oxley Act
The Sarbanes–Oxley Act of 2002 , also known as the 'Public Company Accounting Reform and Investor Protection Act' and 'Corporate and Auditing Accountability and Responsibility Act' and commonly called Sarbanes–Oxley, Sarbox or SOX, is a United States federal law enacted on July 30, 2002, which...
to protect investors by improving the accuracy and reliability of corporate disclosures. Thus, it is also known as the "Canadian Sarbanes-Oxley" Act or C-SOX (see-socks).
In October 2002, the Provincial Government of Ontario
Ontario
Ontario is a province of Canada, located in east-central Canada. It is Canada's most populous province and second largest in total area. It is home to the nation's most populous city, Toronto, and the nation's capital, Ottawa....
, Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
introduced an omnibus bill in the legislature entitled "Keeping the Promise for a Strong Economy Act (Budget Measures), 2002", now simply referred to as Bill 198. It was enacted as Chapter 22 of the Statutes of Ontario, 2002. Bill 198 received Royal Assent on December 9, 2002 and the amendments to the securities provisions of Bill 198 proclaimed in force on April 7, 2003. Bill 198 amends Part XXIII.1 of the Ontario Securities Act.
As a budgetary legislation, it touched on many different aspects of government operation. Provisions included measures about corporate disclosure, auto insurance and tax. Thus, only a small portion of Bill 198 was relevant to "Sarbanes-Oxley" issues.
In June 2003, all Canadian securities commissions (except the British Columbia Securities Commission) issued three regulations for public comment designed to build on Bill 198:
- Multilateral Instrument (MI) 52-108, which would require issuers of securities to employ only those auditors participating in an independent oversight program established by the Canadian Public Accountability Board.
- MI 52-109, which would require chief executive officers and chief financial officers to personally certify that their company's annual and interim filings do not contain any misrepresentations and that such filings fairly present the corporation’s financial condition; and
- MI 52-110, which regulates the role and composition of the audit committees of any company issuing securities.
MI 52-109 has been agreed to by the Canadian Securities Administrators (CSA), and covers additional SarbOx issues.
See also
- Sarbanes-Oxley ActSarbanes-Oxley ActThe Sarbanes–Oxley Act of 2002 , also known as the 'Public Company Accounting Reform and Investor Protection Act' and 'Corporate and Auditing Accountability and Responsibility Act' and commonly called Sarbanes–Oxley, Sarbox or SOX, is a United States federal law enacted on July 30, 2002, which...
– the Public Company Accounting Reform and Investor Protection Act of 2002, commonly called SOX or Sarbox. - Corporate Law Economic Reform Program Act 2004Corporate Law Economic Reform Program Act 2004Corporate Law Economic Reform Program Act 2004, commonly called CLERP 9, is the most recent reform to the Corporations Act 2001 which governs corporate law in Australia...
– the Australian equivalent of Sarbanes-Oxley, commonly called CLERP-9. - J-SOXJ-SOXThe , promulgated on June 14th, 2006, is the main statute codifying securities law and regulating securities companies in Japan.The law provides for:* Registration and regulation of broker dealers and their registered representatives...
– The Japanese equivalent of Sarbanes-Oxley
External links
- Government of Ontario
- Bill 198 2002 An Act to implement Budget measures and other initiatives of the Government
- Ontario Securities Commission website
- Law Society of Upper Canada - Program on Bill 198 - http://www.osc.gov.on.ca/Media/Speeches/2003/sp_20030319_db_bill-198.jsp, Chair, Ontario Securities Commission on March 19, 2003