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ARTICLE · 05 NOVEMBER 2014

Canada Introduces New Payment Disclosure Regime: The Extractive Sector Transparency Measures Act

McCarthy Tétrault
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The Canadian government has introduced for first reading in the House of Commons the Extractive Sector Transparency Measures Act.

CanadaEnergy and Natural Resources
John Boscariol
John Boscariol
Robert Glasgow
Robert Glasgow
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The Canadian government has introduced for first reading in the House of Commons the Extractive Sector Transparency Measures Act (ESTMA), as part of an omnibus legislative package referred to as Bill C-43. The ESTMA contains broad reporting obligations with respect to payments to governments made by oil and gas and mining companies and is intended to supplement anti-corruption measures enshrined in the Criminal Code and the Corruption of Foreign Public Officials Act (CFPOA). Companies in the extractive sectors should be reviewing this legislation closely because non-compliance attracts significant penalties for firms and their directors, officers and agents.

Background

Canada's intention to implement a government payment disclosure regime was officially announced by Prime Minister Stephen Harper on June 12, 2013 (see Canada Announces New Initiative for Disclosure of Payments to Governments. Shortly thereafter, the Resource Revenue Transparency Working Group, a

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