I don't know about pitfalls, but the challenge, of course, is our wonderful federal structure, our Constitution, which provides exclusive jurisdiction to the provinces to do what they want with their companies acts. The federal government doesn't have the authority to force the provinces to change their corporate acts to provide for beneficial ownership transparency, but certainly the federal government could take a leadership role by amending its act and then coordinate with the provinces to see what progress could be made to ensure beneficial ownership transparency at the provincial act level.
On February 9th, 2017. See this statement in context.