The Canadian Securities Administrators have extended the comment period for a rule that would impose controversial internal control reporting requirements.

The CSA’s proposed rule largely follows Sarbanes-Oxley section 404, which requires issuers to audit internal controls and report any deficiencies to the market. The provision has been controversial because implementation has proved costly to companies.

The comment period for the CSA’s version of this provision was due to expire on June 6, but the CSA has extended it to June 30.

It notes that the extension is intended to provide commenters additional time to consider the new guidance, released on May 16 by the US Securities and Exchange Commission and Public Company Accounting Oversight Board. The rule has been out for comment since February.