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Corporations Canada Increases Scrutiny Of ISC Register Filings By Federal Corporations
Private corporations governed by the Canada Business Corporations Act (the “CBCA”) should ensure that their register of individuals with significant control (an “ISC Register”) is complete, accurate and up to date. Corporations Canada has begun issuing official inquiries to certain CBCA corporations in connection with their ISC Register filings, particularly where a corporation has reported that it has no individuals with significant control (“ISCs”).
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