Ross Mcgowan

In March 2023, Industry Minister Francois-Philippe Champagne tabled legislative amendments regarding the creation of a Canadian corporate beneficial ownership registry. The proposed amendments, which recently passed the second reading in the House of Commons,1 apply to entities incorporated under the Canada Business Corporations Act (the CBCA). Non-compliance with the proposed amendments will carry significant administrative sanctions or criminal penalties.

On May 11, 2023, British Columbia's Money Services Businesses Act (BC MSB Act) received royal assent. The BC MSB Act will be the province's first statute of this kind and will be administered by the British Columbia Financial Services Authority (BCFSA). BCFSA will appoint a Superintendent of Money Services Businesses (MSBs) to spearhead this new mandate and has stated it expects to regulate 578 MSBs operating in the province.

On May 11, 2023, British Columbia’s Money Services Businesses Act (BC MSB Act) received royal assent. The BC MSB Act will be the province’s first statute of this kind and will be administered by the British Columbia Financial Services Authority (BCFSA). BCFSA will appoint a Superintendent of Money Services Businesses (MSBs) to spearhead this new mandate and has stated it expects to regulate 578 MSBs operating in the province.