New Registration Requirements For Commercial Trusts

On July 1, 2014, certain provisions of Bill 128, An act to enact the Money-Services Business Act and to amend various legislative provisions (the "Bill"), will come into force, and will require that trusts operating a commercial enterprise register with the Quebec enterprise register in the same way as corporations or partnerships. The Bill was assented to December 10, 2010, but the provisions amending the Act respecting the legal publicity of enterprises ("Act") to create the registration requirement for trusts are only coming into force as of July 1, 2014. The main consequences of these amendments are:

• Under the new regime, a trust operating a commercial enterprise in Quebec falls under the definition of a registrant and is therefore required to register. However, trusts which are administered by a registered registrant are not required to register.