The Government of Canada recently enacted the Extractive
Sector Transparency Measures Act (the
"Act") which imposes new mandatory
reporting standards for payments made by Canadian extractive
companies (mining, oil and gas) to foreign and domestic
governments, including Aboriginal entities. The Act solidifies
Canada's international commitment to deter and detect
corruption and is intended to align the Canadian reporting
requirements with those of the U.S. and EU.
The Act was introduced into the House of Commons in October,
2014 and received royal assent on December 16, 2014. The Act came
into force on June 1, 2015.
Overview of the Act
Applicable Entities
The Act applies to any entity, including controlling entities,
engaged in the commercial development of oil, gas or minerals. The
commercial development of oil, gas or minerals includes
exploration, extraction and the acquisition or holding of a permit,
licence or lease or any other authorization to carry out
