Quebec Adopts New Transparency Measures in Mining, Oil and Gas Industries
On 11 June 2015, the Quebec National Assembly introduced Bill 55—an act respecting transparency measures in the mining, oil and gas industries (Bill 55), in view of imposing transparency measures in the mining, oil and gas industries. These transparency measures, the bill states, are meant to discourage and detect corruption, as well as foster the social acceptability of natural resource exploration and development projects.
Under Bill 55, the concerned entities will have to file an annual statement to the Autorité des marchés financiers declaring all payments of more than CAD 100,000 made to a government, a government entity, and a native nation. The statement would be made public by the concerned entities for a period of 5 years. This includes taxes, royalties, fees, production entitlements, dividends, bonuses, contributions for infrastructure construction or any other type of payment determined by regulation. Payments made to native nations, however, would benefit from a 2-year exemption and would only need to be reported from June 2017.