New Payment Disclosure Rules for Extractive Companies
|Area||Corporate Finance and Securities, Mining and Natural Resources|
The Government of Canada recently introduced the Extractive Sector Transparency Measures Act which imposes reporting standards for payments made by Canadian extractive companies (mining/oil and gas) to foreign and domestic governments including to Aboriginal entities. This Act will solidify Canada’s international commitment to deter and detect corruption and is intended to align Canadian reporting requirements with those of the United States and the European Union. The Act is expected to come into force by June 2015.