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ARTICLE · 18 JUNE 2019

Update - New Register Requirements Of "Individuals With Significant Control"

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Effective June 13, 2019, each private corporation incorporated under the Canada Business Corporations Act will be required to prepare a register of "individuals with significant control" (ISC) over such corporation.

CanadaCorporate/Commercial Law
Adam Kalbfleisch
Adam Kalbfleisch
Emerson Frostad
Emerson Frostad
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Effective June 13, 2019, each private corporation incorporated under the Canada Business Corporations Act (CBCA) will be required to prepare a register of "individuals with significant control" (ISC) over such corporation.

Since our blog announcing these new ISC information requirements:

  1. Corporations Canada has provided guidance (the "Guidance") to corporations to assist with their preparations to comply with the new ISC information requirements; and
  2. the Canadian Government has proposed further amendments to the CBCA through Bill C-97 (not yet in force) to provide certain investigative bodies with powers to compel corporations to provide ISC information to assist with criminal investigations.

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