Lexpert.
The Extractive Sector Transparency Measures Act (ESTMA), proclaimed in force on June 1, 2015, has been widely lauded for finally bringing Canada up to speed with the European Union, Britain, Norway and the United States in promoting transparency and accountability in the extractive sector by requiring mandatory reporting of payments made to any government or body performing a governmental function in Canada or abroad.
The global trend has seen the U.S. Securities and Exchange Commission developing mandatory reporting requirements for the extractive sector, expected to come into force in spring 2016 pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act. The EU has established standards in place by way of its Accounting and Transparency Directives, and Britain has enacted The Reports on Payments to Government Regulation 2014.
Lexpert contributor Julius Melnitzer reports on the impact of ESTMA at www.lexpert.ca/globe.
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