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ARTICLE · 30 DECEMBER 2014

New Transparency Laws For Extractive Sector

Osler, Hoskin & Harcourt LLP
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The Canadian federal government has brought in a new Act to require greater reporting obligations around payments made to governments by Canadian oil, gas and mining companies.

CanadaStrategy
Lawrence Ritchie
Lawrence Ritchie
Tristram Mallett
Tristram Mallett
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The Canadian federal government has brought in a new Act to require greater reporting obligations around payments made to governments by Canadian oil, gas and mining companies. The Act emphasises the importance of monitoring and controlling payments to governmental entities and individuals.

The government believes the Act will "eliminate duplicative reporting to multiple jurisdictions, reducing the administrative and cost burden on governments and companies." The Act follows similar measures in the US under the Dodd-Frank Act  and in the EU under the Transparency and Accounting Directives, both of which are expected to take effect in 2015.

Who Is Affected?

The Extractive Sector Transparency Measures Act applies to a company that:

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