Register Of Individuals With Significant Control


We have recently been made aware of some changes made by the Federal Government. These changes will have an impact on the companies established under the federal law.The federal government has made changes to the Canadian Business Corporations Act (CBCA) whereby as of June 13, 2019, all CBCA corporations, except some distributing corporations, will be required to create and maintain a new type of register: Register of individuals with significant control. This is in addition to the registers corporations maintain for shareholders and directors. This change means that CBCA corporations are now required to maintain a register of information on individuals having significant control over the corporation.Further clarification on definition and requirements can be found at this Corporations Canada link: changes are part of a suite of amendments to federal legislation and regulations aimed at combating  anti-money laundering and corruption. Corporations and their individual directors, officers and shareholders can be held accountable for non-compliance, and the penalties for non-compliance can be harsh.Please consult your lawyer to find out if and how these changes may affect you, and feel free to contact us if you would like us to assist you in the process.

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