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ARTICLE · 20 AUGUST 2015

Canada Seeking Consultation On Guidance And Reporting Requirements Under The Extractive Sector Transparency Measures Act

McCarthy Tétrault
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On June 1, 2015, Canada's new regime for mandatory reporting of payments to governments came into force.

CanadaEnergy and Natural Resources
John Boscariol
John Boscariol
Robert Glasgow
Robert Glasgow
Brandon Mattalo
Brandon Mattalo
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Natural Resources Canada ("NRCan") recently released draft guidance and specifications for reporting payments to governments and government officials under the Extractive Sector Transparency Measures Act ("ESTMA"). Mining and oil and gas companies should be carefully reviewing these drafts to understand how these new mandatory payment disclosure requirements will impact their operations in Canada and abroad. NRCan's consultation period expires September 22, 2015.

Background - The Extractive Sector Transparency Measures Act

On June 1, 2015, Canada's new regime for mandatory reporting of payments to governments came into force. The ESTMA contains broad reporting obligations with respect to payments to governments made by oil and gas and mining companies and requires companies to begin reporting in their first full financial year after June 1, 2015.

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