Bill 78, An act mainly to improve the transparency of enterprises (“Transparency Act"), came into force on March 31, 2023, resulting in significant changes to the Act respecting the legal publicity of enterprises.
The purpose of the Transparency Act is to maximize the transparency of companies registered in Québec and, in doing so, to strengthen public protection and contribute to actions aimed at preventing and combatting tax evasion, money laundering and corruption. Many companies will see the effect of the new measures on their operations, as they will have to comply with these new measures in a short period of time.
To highlight what is at stake, the Fasken team has put together a number of resources on the key elements of the Transparency Act, which will give you a better understanding of the upcoming changes, their consequences and the penalties you may face if you fail to comply with your obligations.
Bulletins:
- Bulletin #1 | Bill 78: What Impact Will it Have for Enterprises?
- Bulletin #2 | Declaring an Ultimate Beneficiary
- Bulletin #3 | Bill 78: Obligations of Registrants
Resources:
- Bill 78 Guide: Are your Annual Updating Declarations Up to Date? Be Prepared!
- Annotated Act Respecting the Legal Publicity of Enterprises
- Guide: Identifying Ultimate Beneficiaries
Event:
- Fasken Institute – Bill 78: Corporate transparency
