Canada Introduces Resource Sector Transparency Act To Fight Corruption

On October 23, 2014, the Canadian government introduced 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 resource sector. Specifically, the Act requires entities involved in the commercial development of oil, gas or minerals to publicly disclose certain payments they make to governments.

Application of the Act
Generally, the Act applies to any entity engaged in, or controlling other entities engaged in, the oil, gas or mineral industry that:

• is listed on a stock exchange in Canada; or