Canada’s securities regulators today released three new rules intended to enhance investor confidence. The new rules will take effect March 30, pending provincial ministerial approvals.

National Instrument 52-108 Auditor Oversight has been adopted in all Canadian jurisdictions. It will require reporting issuers to hire auditors who are members of the Canadian Public Accountability Board (CPAB).

Multilateral Instruments 52-109 Certification of Issuers’ Annual and Interim Filings and 52-110 Audit Committees have been adopted in every Canadian jurisdiction except British Columbia.

The rules will require CEOs and CFOs of reporting issuers to provide annual and interim certifications with respect to their issuer’s annual information form, audited financial statements and management’s discussion and analysis; and reporting issuers to have an independent and financially literate audit committee with prescribed duties.

The CSA says exemptions from certain requirements are available to venture issuers, controlled companies and U.S.-listed companies that are subject to the Sarbanes-Oxley requirements.

The CSA ads that it is moving ahead with the new requirements after a thorough public consultation process.

“We received very thoughtful feedback from market participants through the public comment period as well as through independent research done by several jurisdictions,” said Stephen Sibold, chairman of the CSA and chairman of the Alberta Securities Commission. “With this input, we are moving forward with a made-in-Canada response to further improve investor confidence in our capital markets.”