Canadian Association of Corporate Law … Association of Corporate Law Administrators (“CACLA”)...
Transcript of Canadian Association of Corporate Law … Association of Corporate Law Administrators (“CACLA”)...
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Canadian Association of Corporate Law Administrators
IACA Update
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Update
• CACLA Overview
• 2010 Annual Meeting
• Ongoing Initiatives
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Canadian Association of Corporate Law Administrators (“CACLA”)
• Comprised of representatives of 14 jurisdictions responsible for legislation governing matters of corporate law in Canada – 10 provinces
– 3 Territories
– 1 Federal government
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Whitehorse, Yukon - 2010
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Whitehorse, Yukon - 2010
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CACLA 2010 Annual Meeting
• August 9-12, 2011
• All 14 jurisdictions participated
• Jurisdictional updates (akin to IACA Roll Call) a significant part of the agenda
• Technological, legislative, and organizational changes and other jurisdiction specific issues were reported and discussed
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Extra-Provincial Corporate Registration and Reporting
• Agreement on Internal Trade
• CACLA asked to reconcile registration and reporting requirements for Canadian business corporations
• Several options considered and prioritized – initiatives still in planning stages
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• Particular focus on: (i) harmonization of terminology respecting core registration and reporting requirements
(ii) harmonization of filing dates
(iii) the possible use of the Canada Revenue Agency Business Number as a common identifier to facilitate data sharing among jurisdictions, and
(iv) the need for an agent or attorney for service
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Challenges
• More than 100 different registration and reporting requirements across jurisdictions
• Modifications likely to require legislative amendment in each province and territory
• Streamlining may have financial implications for governments: – Registration and reporting accounts for significant
proportions of revenue in some jurisdictions – Several jurisdictions would be required to build
information technology systems capable of collecting and transmitting data electronically
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• Continuing dialogue between CACLA membership and Trade Representatives responsible for advancing the Agreement on Internal Trade
• Trade representatives from all jurisdictions also meeting in June so further feedback expected with respect to reports and plans submitted by CACLA
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CACLA 2011 – St. John’s, NL
August 13-16
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Thank You & Merci!