Natural Resources Canada recently released for consultation its
draft guidance and reporting specifications with respect to the
Extractive Sector Transparency Measures Act (ESTMA).
Commonly known as "publish what you pay" standards, the
ESTMA establishes mandatory reporting standards for payments that
Canadian extractive companies make to governments worldwide. The
consultation period ends on September 22, 2015.
The draft guidance document provides general information on
areas such as the categories of activities that are captured by the
ESTMA, which entities are subject to the ESTMA, which payments must
be reported under the ESTMA, how attribution is to be made for
indirect payments and the process to determine whether another
jurisdiction's reporting requirements are an acceptable
substitute for the ESTMA's reporting requirements. A flow chart
and illustrative examples are included to help companies determine
whether and how the ESTMA may apply to them. The draft technical
reporting specifications provide instructions regarding the form
and manner of reporting.
As noted, the ESTMA allows for the substitution of the federal
reporting requirements with comparable reporting requirements in
another jurisdiction. On June 11, 2015, Québec's
Minister for Mines tabled Bill 55 – An Act respecting
transparency measures in the mining, oil and gas industries
before the National Assembly. Bill 55 is substantively nearly
identical to the ESTMA and is to be administered by the
Autorité des marchés financiers. To avoid
duplication, Bill 55 provides that regulations may allow reporting
companies to file a statement produced in compliance with another
jurisdiction's comparable reporting requirements. Public
hearings on Bill 55 are scheduled at the National Assembly for
August 18 and 19, 2015. Bill 55 is expected to become law by the
end of 2015.
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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