NEW RULES REQUIRING ONTARIO PRIVATE CORPORATIONS TO MAINTAIN A REGISTER OF INDIVIDUALS WITH SIGNIFICANT CONTROL TOOK EFFECT ON JANUARY 1, 2023 IMMEDIATE COMPLIANCE REQUIRED

On January 1, 2023, amendments to the Business Corporations Act (Ontario) (the “OBCA”) came into effect requiring certain private corporations incorporated under the OBCA to prepare and maintain, at their registered offices or at another place in Ontario designated by the directors of the corporation, a register of individuals with significant control over the corporation. This register must look behind the registered owners of shares and contain information about any individuals who ultimately beneficially own, or have control direction over, sufficient shares of the corporation to have significant control, or who have a controlling influence over the corporation.

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About Allen McDonald Swartz LLP

Allen McDonald Swartz LLP provides strategic counsel, sophisticated business law advice and exceptional client service to Canadian and international clients. The firm’s lawyers — Jennifer Allen, Henry Bertossi, Brad Elberg, Fraser McDonald, Eden Oliver and Jillian Swartz — are all Bay Street veterans and provide their clients with experience and expertise that match BigLaw. Their clients include entrepreneurs, high-net-worth individuals, family-owned businesses, private and public companies, multi-national enterprises, law firms, independent committees, charities and not-for-profit organizations. The lawyers at AMS advise clients on mergers and acquisitions, reorganizations, privacy and anti-spam, financings, securities compliance and regulatory work, capital markets transactions, governance and business-critical commercial arrangements. The firm’s lawyers have experience across a diverse range of industries, including agribusiness, alternative energy, automotive, consumer products, event planning & hospitality, manufacturing, professional services (including dental, medical, and veterinary), media, sports & entertainment, technology, mining & natural resources and private equity.

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