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2015/16
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LEXPERT 27
ed, whenever the aggregate, calculated on a per-project
basis, exceeds $100,000. e categories of payments
include taxes; royalties; rental, entry, license and permit
fees; production entitlements; bonuses; dividends; and
infrastructure improvements.
Reports must be filed within 150 days of the end of
each financial year and include information to be es-
tablished by regulation. Failure to do so, making false
statements, or structuring payments with the intent to
avoid reporting requirements, will expose companies to
a $250,000 fine, with an additional $250,000 for each
day that the violation persists.
"Although we don't have the final regulations, the leg-
islation is definitely onerous in terms of administration
and reporting, especially when you consider that some
of these companies are operating in 100 countries and
are subject to all sorts of reporting requirements," Brian
Graves says.
As it turns out, Canadian, US and EU regulators are
working on a common template, although it's uncertain
whether they'll be able to thrash one out.
"If there's no agreement, our legislation does contem-
plate 'equivalency' measures whereby Canadian report-
ing requirements might be satisfied by filing reports
prepared in accordance with commensurate reporting
requirements of other jurisdictions," Graves says.
Administrative guidance and regulations from the
federal government were expected soon aer the Act
came into force. But at press time, neither had been re-
leased though expectations were that they might appear
in the next few weeks.
In any event, because these releases will address the
required method of reporting, the reporting template,
the definition of "government" and other uncertainties
and gaps in the legislation, they will have a considerable
impact on the resources compliance will demand.
"Already, we're discovering that the nuts and bolts
LEXPERT RANKED LAWYERS
Mahony, Dennis E.
Torys LLP
(416) 865-8214
dmahony@torys.com
As the Head of Torys's Environmental, Health and Safety practice and
the Co-Chair of our Climate Change group, Mr. Mahony assists our mining
clients with permitting, regulatory compliance, litigation, diligence
and transaction advice.
Mason, Robert K.
Norton Rose Fulbright Canada LLP
(416) 216-2967
robert.mason@nortonrosefulbright.com
Mr. Mason represents issuers and underwriters on corporate finance
transactions, alternative finance arrangements, M&A mandates and proxy
advisory matters, with a particular emphasis on mining and other natural
resource sectors.
Mathers, James W.
Borden Ladner Gervais LLP
(416) 367-6035
jmathers@blg.com
Mr. Mathers has particular experience in loans to mining companies
and communications companies, syndicated loans, loans secured
by worldwide assets of borrowing groups, loans relating to take-over
bids and subvented auto financing programs.
May, Neill I.
Goodmans LLP
(416) 597-4187
nmay@goodmans.ca
Mr. May's practice focuses on M&A, financings and restructurings
in mining and other industries. He is a former member of the TSX Listing
Advisory and OSC Securities Advisory Committees and a former
adjunct professor at the U of T Faculty of Law.
McFadden, QC, David J.
Gowling Lafleur Henderson LLP
(416) 369-7243
david.mcfadden@gowlings.com
Mr. McFadden's corporate governance and financing practice
embraces the infrastructure, energy and financial services sectors.
His infrastructure experience includes toll highways, tunnels, energy
projects and health care facilities.
McGlaughlin, Grant E.
Goodmans LLP
(416) 597-4199
gmcglaughlin@goodmans.ca
Mr. McGlaughlin, head of the firm's Mining Group, is a corporate and
securities lawyer who focuses on M&A, corporate finance, governance
and compliance. He advises investors, boards, special committees,
issuers and underwriters.
