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ARTICLE · 01 SEPTEMBER 2015

Canada Seeks Consultation On Extractive Sector Transparency Measures Act Implementation Tools

Stikeman Elliott LLP
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On August 12, 2015, Natural Resources Canada posted a notice on its website seeking public input on draft implementation tools it has developed in respect of the Extractive Sector Transparency Measures Act.

CanadaCorporate/Commercial Law
Keith Chatwin
Keith Chatwin
Ivan Grbesic
Ivan Grbesic
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On August 12, 2015, Natural Resources Canada (NRCAN) posted a notice on its website seeking public input on draft implementation tools (Implementation Tools) it has developed in respect of the Extractive Sector Transparency Measures Act (the Act). As described in our previous blog entries (here and here), the stated purpose of the Act is to foster better transparency to ensure that resource extractive industries support proper development in the countries where they operate, while at the same time making it harder to conceal illicit payments.

Background

The Act was proclaimed into force on June 1, 2015, but as we have previously noted precise guidance on the underlying disclosure obligations has been lacking. It was hoped that regulations enacted under the Act would put meat on the legislative skeleton and provide much needed regulatory certainty. Instead, NRCAN has introduced the Implementation Tools as a practical and illustrative alternative. The

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