ARTICLE · 23 JULY 2019

June 2019 CBCA Regulations: Serious Implications For Private Corporations

Watson Goepel LLP

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Information recorded in the Beneficial Register must be kept for a period of six years.

CanadaCorporate/Commercial Law

Watson Goepel LLP

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On June 13, 2019, significant changes are being introduced that will directly affect corporations registered federally under the Canada Business Corporations Act (CBCA). The pending changes are designed to bring the CBCA into compliance with Financial Action Task Force recommendations made in October 2018, specifically recommendations 10 and 22 which were intended to prevent the misuse of Canadian financial institutions by corporations for purposes of tax evasion, corruption, money laundering and terrorist funding activities.

Current Shareholder Registry

Under the current legislative scheme CBCA corporations are only required to maintain a securities register that documents registered or legal shareholders, and contains information relating to :

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