Industry committee  There are different rules in the Canada Business Corporations Act for distributing and non-distributing corporations. There are also provincial securities roles that Claire was alluding to. Right now in Ontario, for example, anyone owning over 10% of voting shares is considered a

Industry committee  It is a process under section 21 of the CBCA. It's a process whereby a person can go to a company—so it's not collected by government—and pay a reasonable fee, swear an affidavit. There are conditions on uses. The uses have to be related to the corporation.

Industry committee  There are some limitations, yes. For example, courts have looked at this provision and found that an inappropriate use would be using the information to target wealthy people to sell things to. For example, there's—

Industry committee  When you look at privacy, there are statutes and principles that regulate it. The basic principle is that neither government nor corporations can release personal information unless that person consents or unless it's authorized by statute. There are many cases where such infor

Industry committee  As I understand it, you're referring to a statutory mandatory review of the CBCA. Speaking for myself, I would say the CBCA is a really critical act, and it's very powerful. As we know, limited liability is a major intervention in a free marketplace, limiting what's available t

Industry committee  My own personal view is that a statutory review—

Industry committee  I'll just add something. I have in front of me the Financial Action Task Force recommendations that have been accepted by all FATF countries, including Canada and dozens of others. Recommendation 24 requires that bearer shares not be misused for money laundering or terrorism fina

Industry committee  Yes, that's another example. Typically, the risk with the bearer shares, of course, is that if they're in the hands of, say, organized crime, they're like currency. They can be traded with organized crime groups, and there is no incentive for those who are using them in such a

Industry committee  That's the way I read it, that companies cannot issue new bearer shares—

Industry committee  That's right.

Industry committee  Yes, that's right. The other thing is, of course, that corporations may not even know who possesses them, by their very nature, so you can't expect corporations to—

Industry committee  Exactly.

Industry committee  And they trade them in—

Industry committee  That's correct.

Industry committee  Exactly.