The Canadian Securities Administrators announced that its plan to update the rule requiring executives to certify their filings will take effect later this year.

Among other things, the changes would not require executives of venture issuers to certify their internal controls. The CSA issued a notice today to update market participants on the status of this initiative.

On April 18, it published the proposed changes to National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings for comment. The comment period closed on June 17. The regulators report that they received 26 comment letters. “We have considered all comments received and do not expect to recommend any material amendments,” the CSA said.

The CSA notes that a number of commenters requested that the CSA defer the effective date from December 15 until a date in 2009. However, CSA staff continue to believe that the proposed effective date of December 15 is appropriate and will recommend this effective date to their respective commissions.