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ARTICLE · 07 APRIL 2016

Guidance And Technical Reporting Requirements Finalized Re: Extractive Sector Transparency Measures Act

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Natural Resources Canada has released Guidance and Technical Reporting Specifications documents related to the Extractive Sector Transparency Measures Act.

CanadaEnergy and Natural Resources
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Natural Resources Canada has released Guidance and Technical Reporting Specifications documents related to the Extractive Sector Transparency Measures Act (the "Act"), which imposes annual reporting requirements for payments made by Canadian extractive companies (mining, oil and gas) to foreign and domestic governments, including Aboriginal governments. Reporting entities to whom the Act applies must enrol with Natural Resources Canada to submit their reporting and are encouraged to do so by June 30, 2016.

The Act, which is administered by Natural Resources Canada, came into force on June 1, 2015. The Act solidifies Canada's international commitment to increase transparency and deter corruption in the extractive sector. Please see our June 3, 2015 Update, Mandatory Payment Disclosure Rules Now in Force, for a detailed summary of the Act.

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