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ARTICLE · 05 JULY 2019

New Share Register Requirements! Working Towards Greater Corporate Transparency

On June 13, 2019, previous amendments to the Canada Business Corporations Act ("CBCA") came into force

CanadaCorporate/Commercial Law

In November 2018, the Standing Committee on Finance released a report to address the issue of money laundering and terrorist financing in Canada. The Committee's first recommendation emanated from the corporate registry regime in the United Kingdom ("UK"). In an attempt to emulate the UK's system, the Committee recommended that the Canadian government work with the provinces and territories to maintain a register for all legal persons and entities with significant control over a corporation.

Requirements for share registers

On June 13, 2019, previous amendments to the Canada Business Corporations Act ("CBCA") came into force. These amendments, introduced in Bill C-86, require private CBCA companies to maintain a register of individuals who have significant control over the corporation. An individual with "significant control" over the corporation holds:

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