In 2006 the Ontario legislation amended the Ontario Securities Act through Bill 198. Bill 198 dubbed the Canadian mini-SOX gives the right to shareholders to sue Public Corporations, Directors and Officers, Influential Persons, and Experts for public disclosures containing material inaccurate, incomplete, misleading, or untimely information.
In addition, the Canadian Securities Administration, which represents the provincial and territorial stock exchanges, has issued the Multilateral Instrument (MI) 52-109. Multilateral Instrument (MI) 52-109 dictates that every issuer must file a separate annual certificate:
- The chief executive officer.
- The chief financial officer.