Canada's Extractive Sector Transparency Measures Act

Introduction

On October 23, 2014, the Canadian Government introduced Bill C-43, the Extractive Sector Transparency Measures Act (the "Act"). The purpose of the Act is to implement Canada's international commitments to participate in the fight against corruption through the implementation of measures applicable to the extractive sector, including measures that enhance transparency and measures that impose reporting obligations with respect to payments made by entities involved in the extractive sector. The reporting requirements of the Act were designed to closely mirror those of its EU and US¹counterparts in order to reduce the administrative expense incurred by entities operating in multiple jurisdictions.