This will go to both NDP-4 and NDP-5.
The nature of the obligations, the amount of the penalties, are all outcomes of an ongoing federal-provincial-territorial discussion, and work on the beneficial ownership transparency shouldn't be changed, certainly without discussions with them. As government, we can certainly add regulation at a later date, if indeed it's appropriate.
Again, going back to the penalties for what we'll call “minor infractions”, we want them not to be unduly harsh. I think it would be inconsistent with the intention of the act's framework. The importance of continuing to have those conversations and respect for those conversations with the federal, provincial and territorial governments is a key element of why NDP-4 and NDP-5 will not be supported.