On June 12, 2013, the federal government announced its intention
to adopt new mandatory reporting standards for payments made to
foreign and domestic governments by Canadian extractive companies.
Industry organizations, such the Prospectors & Developers
Association of Canada (PDAC) and the Mining Association of Canada,
as well as a number of Canadian mining companies, have indicated
that they support the proposed initiative and believe that
Canada's participation in the global movement toward greater
transparency is critical. With 65% of the world's public mining
issuers listed on the Toronto Stock Exchange and the TSX Venture
Exchange, the impact of the Canadian requirements will be broad and
The announcement follows the recent adoption of reporting
standards in the United States and the announcement of an intention
to adopt reporting standards by the European Union. The U.S. rules
require disclosure of payments to governments for each project. The
Canadian announcement did not include any details regarding the
form that the new rules might take or whether the regime would
require project reporting, as in the United States, or a different
basis of reporting, such as the disclosure by license proposed to
be required in Europe.
The federal government indicated it will be working with the
provinces, First Nations and representatives from the extractive
industries to formulate an effective and efficient system for
transparency, balancing accountability with sensitivity to the
administrative burdens of regulatory reporting requirements. No
timetable for the release of the proposed rules has been
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Canada is a constitutional monarchy, a parliamentary democracy and a federation comprised of ten provinces and three territories. Canada's judiciary is independent of the legislative and executive branches of Government.
The Government of Alberta recently announced a number of policy changes that will impact the Alberta Electricity Market, composed of its generators, transmitters, distributors, retailers, electricity consumers and wholesale electricity market.
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