The short answer is yes. The directors and officers of the business have a positive duty to identify the ultimate owner of the business who holds more than 25% of voting rights, and that must be a physical person. In other words, the directors and officers of the Canadian corporation in question have a responsibility to gather and disclose that information. This bill thus creates a positive obligation for directors and officers.
That's why I told you earlier that there are two types of fines. There's a $5,000 fine for those who fail to meet their obligations on time, as a result of an administrative error, for example. However, under the bill, someone who deliberately provided false or erroneous information would be liable to imprisonment for 6 months or a $200,000 fine. This is important because it becomes the responsibility of directors or officers themselves to gather that information on the individuals who hold more than 25% of the corporation's capital stock. Even in the event of overlapping responsibilities, the Canadian director or officer himself or herself must ultimately gather that information and enter it in the registry.