On Monday, June 1, 2015, the federal Minister of Natural Resources, Greg Rickford, announced that the Extractive Sector Transparency Measures Act has come into force.
As we discussed in an earlier post, the Act will require companies operating in the extractive natural resources sector (oil and gas, mining) to report certain payments, including royalties, taxes, fees, production entitlements and infrastructure improvement payments, made to governments in Canada as well as to foreign governments.
Companies subject to the Act will now have to report specified payments made to any level of government which in aggregate exceed $100,000. The Act provides for a two-year deferral of implementation of reporting requirements in relation to Aboriginal governments; those requirements will now apply effective June 1, 2017. The federal government reports that engagement will continue with stakeholders, including Aboriginal governments and organizations, on the implementation of the Act.
Regulations setting out the details and format of the requirements are expected in the near future. The current financial year is excluded from the Act's application but reporting companies will want to implement internal systems and procedures in order to track reportable payments and file timely and accurate annual reports.
Based in Lawson Lundell LLP’s Calgary office, Dan works with both our Real Estate and Banking groups, assisting clients with a broad range of debt financing and commercial real estate matters.
In his real estate practice, Dan has ...
John is a member of the firm’s Indigenous, Environmental, and Project Development practice groups. His practice includes advising private sector and government clients throughout Canada on Indigenous, environmental ...
Keith advises private sector, public sector and government clients on Indigenous law and regulatory matters. He has appeared as counsel before numerous regulatory tribunals and all levels of Superior and Appellate Courts (both ...
Lawson Lundell's Project Law Blog focuses on updating proponents on issues emerging in the law and policy that applies to the development of major projects in Canada. The focus of the blog is on matters relating to environmental assessment and compliance, regulatory matters and Indigenous consultation.