Finance committee  Then we move on to part 4, division 7, subdivision C, which is related to the Copyright Act “notice and notice” regime. Here's a reminder for those of you who may not embrace the notice and notice regime every day, although you probably do. The point of the notice and notice reg

Finance committee  Under the current act right now, when prior user rights are established between an entity.... Essentially you've used a technology without any knowledge that someone else had subsequently invented it. You've been using it and it's fundamental to your business. Right now when that

Finance committee  Yes, and there are definitely those who have established prior user rights similar to this.

Finance committee  No. We'll get to that in subdivision D.

Finance committee  Then we'll switch to the Trade-marks Act changes. This is part 4, division 7, subdivision B, clauses 214 to 242. Just by very quick way of background, this is in part related to concerns from trademark stakeholders about the possibility for what some people call “trademark squat

Finance committee  I am.

Finance committee  Great. I will walk you through the various clauses related to division 7, clauses 187 to 302. They're all related to Canada's national intellectual property strategy. I'll try to walk you through each act as we go. By a very quick way of background, budget 2017 committed the gov

Finance committee  It's consistent with the other penalties in the statute. There is a penalty, though, for the individual. This is under “Penalty”, in proposed subsection 21.1(5): A person who commits an offence under any of subsections (1) to (4) is liable on summary conviction to a fine not ex

Finance committee  I'm sorry. I think it's 21.4(5). A person who commits an offence under any of subsections (1) to (4) is liable on summary conviction to a fine not exceeding $200,000 or to imprisonment for a term not exceeding six months, or to both. On the burden, the corporation has a consi

Finance committee  I'll say two things. One is that the information is only available to competent authorities—to the director of Corporations Canada or to a fellow shareholder of the entity. Also, it's only available at the premises of the corporation. The second is that there is an access affid

Finance committee  It is appropriate use, yes. It may on application require the corporation or its agent or mandatary to allow the applicant access to the registry of the corporation referred to in proposed subsection 21.1(1) during the usual business hours.

Finance committee  Right now there are no requirements for corporations to seek out beneficial ownership information, so the obligations are for the corporation to hold a registry of shareholders. The shareholder is simply the shareholder, not the beneficial owner of that share. That information

Finance committee  Right now, no, but after these provisions, then yes, you will have access to the registry of beneficial owners.

Finance committee  The corporations would. That's correct.

Finance committee  This is a very important step in our commitments on the international front, including to FATF, and builds on work that's being done in other jurisdictions like the United Kingdom.