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St. John's, Newfoundland and Labrador, Canada

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Newfoundland and Labrador
Regulation 2011


NEWFOUNDLAND AND LABRADOR REGULATION 93/11

NEWFOUNDLAND AND LABRADOR
REGULATION 93/11

Corporations Regulations (Amendment)
under the
Corporations Act
(O.C. 2011-283)

(Filed September 29, 2011)

Under the authority of section 409 of the Corporations Act, the Lieutenant-Governor in Council makes the following regulations.

Dated at St. John’s, September 29, 2011.

Robert Thompson
Clerk of the Executive Council

REGULATIONS

Analysis


        1.   S.2 Amdt.
Definitions

        2.   S.27 R&S
Annual financial
statements

        3.   S.28 R&S
Auditor's report


CNLR 750/96
as amended

        1. Section 2 of the Corporations Regulations is amended by deleting the word “and” at the end of paragraph (a), replacing the period at the end of paragraph (b) with a semi-colon and adding immediately after paragraph (b) the following:

             (c)  "reporting issuer" has the same meaning as defined in the Securities Act.

        2. Section 27 of the regulations is repealed and the following substituted:

Annual financial statements

      27. (1) The financial statements referred to in paragraph 258(1)(a) of the Act shall be prepared in accordance with the standards of the Canadian Institute of Chartered Accountants set out in the C.I.C.A. Handbook including any amendments to it.

             (2)  Notwithstanding subsection (1), a reporting issuer may prepare financial statements referred to in paragraph 258(1)(a) of the Act in accordance with other standards as may be permitted in the rules made under section 144.1 of the Securities Act.

        3. Section 28 of the regulations is repealed and the following substituted:

Auditor's report

      28. (1) The auditor's report referred to in section 274 of the Act shall be prepared in accordance with the standards of the Canadian Institute of Chartered Accountants set out in the C.I.C.A. Handbook including any amendments to it.

             (2)  Notwithstanding subsection (1) the auditor's report of a reporting issuer referred to in section 274 of the Act may be prepared in accordance with other standards as may be permitted in the rules made under section 144.1 of the Securities Act.