26 LEXPERT
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2015/16
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WWW.LEXPERT.CA
lot of companies watching this legislation and the forth-
coming regulations closely."
From the perspective of private companies, the legis-
lation applies only to those with $20 million in assets,
$40 million in revenue or 250 employees. But these
thresholds are determined with reference to an entity's
consolidated financial statements, the intention being to
include the collective numbers of corporate families in
making the determination.
"e inclusion of private companies is certainly un-
usual," says Catherine Wade, who practises in the Van-
couver office of Dentons Canada LLP.
But Wade notes that, conversely, TSX Venture Ex-
change companies are not caught by the ESTMA leg-
islation. "at's a bit of an anomaly, because the TSX
Venture is where large domestic companies tend to be
listed," she says.
In Québec, however, the Liberal government has in-
troduced Bill 55, which mirrors the ESTMA closely.
e Bill would close some of the gap created by the
omission of TSX Venture listees from federal scrutiny,
by requiring businesses operating in the mining and oil
and gas sectors in the province to declare all payments
made to government bodies and eventually to Aborigi-
nal communities.
e fact remains, however, that companies that are
covered by ESTMA will have to deal with a unique spec-
trum of payments.
"at's because our definition of 'government' is
broader than the definition in legislation elsewhere," says
Sarah Powell of Davies Ward Phillips & Vineberg LLP
in Toronto.
Both monetary and in-kind payments must be report-
Learmonth, Warren B.
Borden Ladner Gervais LLP
(604) 640-4166
wlearmonth@blg.com
Mr. Learmonth acts as counsel to issuers and underwriters in corporate
finance, merger, acquisition and restructuring transactions in a wide
variety of sectors, including mining, biotechnology, high technology
and forestry.
Levy, Eric M.
Osler, Hoskin & Harcourt LLP
(514) 904-8177
elevy@osler.com
Mr. Levy focuses on corporate and securities law. He has strong
experience in M&A, public offerings, private placements,
recapitalizations and stock exchange listings. His work encompasses
IPOs as well as other public and private placement offerings.
Lieff, Norman B.
Norton Rose Fulbright Canada LLP
(613) 780-8611
norman.lieff@nortonrosefulbright.com
Mr. Lieff's corporate, commercial and real estate practice
embraces infrastructure, financing, advice to financial institutions,
securitization, acquisition and sales, liens, mortgages, franchising
and personal property security matters.
Lissoir, Luc
Gowling Lafleur Henderson LLP
(514) 392-9571
luc.lissoir@gowlings.com
Mr. Lissoir focuses on P3s, project financing, PE, M&A and Corporate
Finance. He acts for consortiums, developers and lenders on
infrastructure matters and major asset managers on fund formation
and investments in Canada and internationally.
Lyons, Catherine A.
Goodmans LLP
(416) 597-4183
clyons@goodmans.ca
Ms. Lyons's mining practice focuses on environmental assessment,
environmental permitting and compliance from exploration through
to closure plans and social licence matters.
MacKay-Dunn, QC, R. Hector
Farris, Vaughan, Wills & Murphy LLP
(604) 661-9307
hmackay-dunn@farris.com
Mr. MacKay-Dunn practises corporate law in a broad range
of industries. He focuses on partnering, cross-border and domestic
tender offers, securities, joint ventures, M&A and licensing.
Clients are global mining companies, investors, banks & boards.
LEXPERT RANKED LAWYERS
"The [Extractive Sector
Transparency Measures
Act] applies not only to
Canadian public companies,
but also to public companies
and large private companies
that have virtually any assets
at all or a place of business
in Canada. There should
be a lot of companies
watching this legislation
and the forthcoming
regulations closely."
- Brian Graves,
McCarthy Tétrault LLP
PHOTO:
SHUTTERSTOCK
