Foreign control 428
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Please be advised that if you purchase, acquire, or win in a lottery a USA based company that is considerd a ‘public company’ you are required to abide by the Sarbanes Oxley Act of 2002.
Jeff Cunningham
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:lol:
The Canadian version of SOX is the Ontario Securities Commission Multi-lateral instrument 52-109 (52-111 update in the works). This section covers SOX 302 and 404. At this time the Canadian legislation is not requirement companies to test for operational effectiveness. However this is in discussion and most likely will follow along the lines of the U.S. act.
It covers all canadian organizations registered on the Toronto Stock Exchange. My understanding is if you are operating in Europe and registered on the Toronto Stock exchange you need to comply to 52-109. Good news the requirement has been extended to 2006.