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ARTICLE · 15 MAY 2020

BC Business Corporations Act Transparency Register Requirements Delayed Until October 2020

These amendments to the BCBCA follow recent changes made by the federal government to the Canada Business Corporations Act (the CBCA).

CanadaCorporate/Commercial Law

In May 2019, key amendments to the BC Business Corporations Act (the BCBCA) made by Bill 24 "Business Corporations Amendment Act, 2019" (the Amendment Act) were announced, requiring private companies under the BCBCA to prepare and maintain a "transparency register" of information about "significant individuals."

These amendments to the BCBCA follow recent changes made by the federal government to the Canada Business Corporations Act (the CBCA). The amendments to the BCBCA and the CBCA follow up on the commitments made under the 2017 Agreement to Strengthen Beneficial Ownership Transparency among the federal, provincial and territorial finance ministers, in which they agreed to pursue legislative amendments to provide law enforcement, tax authorities and certain other regulatory authorities with up-to-date information on beneficial ownership of companies.

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