Industry committee  Thank you, Mr. Chair. I would raise a few additional considerations and one to maybe reiterate. Currently, already under the act, as I noted, in sections 28 and 26, the minister has the capacity to deem an investor a state-owned enterprise, notwithstanding the fact that they do

Industry committee  Specific to the ICA, I'm not in a position to furnish the committee with examples of China calling this into question, in part because our existing act is actually geographically neutral and has been interpreted as such. Our definition as it currently stands within the act does n

Industry committee  Thank you, Mr. Chair, for the question and for offering the opportunity to raise some considerations that are highlighted through the amendment. I would raise two sets of considerations specific to this amendment for the contemplation of the committee. One is that the existing d

Industry committee  The Constitution lets us work with the provinces and territories in the realm of their jurisdiction, which includes the capacity to incorporate.

Industry committee  I think that again I'm going to make the important distinction between the fines that are levied against the corporation versus the fines that are actually attributable to the individual directors and officers of the corporation. The $5,000 is consistent with all of the other pen

Industry committee  The commitment has been that the registry will be free and that it will be searchable. It does two things that are important for the purposes of ease. One is that it adopts the beneficial ownership data standard—the international standards for the collection of information rela

Industry committee  Each province and territory—and the federal government, obviously—offers the opportunity to incorporate in their jurisdiction. To date, the two provinces that have adopted beneficial ownership registries largely conform to almost identical capacities in terms of what they ask of

Industry committee  The object of Bill C‑42 is somewhat different. Trade agreements are normally reached between governments and concern taxes or free trade. Instead, this bill concerns the directors and officers of business corporations. Directors and officers have a positive duty to name the huma

Industry committee  It's not a complication; it's a requirement. In Canada, incorporation is a provincial and territorial matter as well as a federal government matter. It's a shared jurisdiction. A bill such as the one before us requires that all system stakeholders take the same approach. You're

Industry committee  I don't have any cost figures, but there would be consequences for Canada's reputation. Our country is involved in a global effort to combat money laundering and terrorism financing. If Canada didn't adopt a registry or step up its efforts to do so, it would be reneging on its co

Industry committee  Yes. I think there are a number of ways you can look at it. On the one hand, a number of organizations now are adding to their tool kit with respect to the rooting out of this noxious behaviour. Second, we have capacity for some of those systems to, in minimal ways, speak to one

Industry committee  We've consulted quite widely, including with transparency organizations, lawyers and accountants, and the corporate community, including small businesses. We also imagine quite a robust outreach capacity to ensure people understand these obligations as they come into force, becau

Industry committee  I don't know. I don't know the exact figure, despite the many estimates that have been made. We'll be able to clarify that for the committee later on.

Industry committee  Bill C‑42 provides an additional tool to the agencies responsible for enforcing the act in order to combat money laundering and the financing of terrorism. It's not a miracle solution, but it is a tool that helps obtain information and that's another means to ensure that business

Industry committee  I apologize, but would you please repeat the end of your question?