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Mario Lofranco

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Mario is an associate in Baker McKenzie's North American Transactional Practice Group. He joined the Firm in 2022 as a summer student and completed his articles in 2024. During his summer and articling terms, he was seconded to the FedEx Corporation and Unilever Canada, respectively, where he worked on various privacy, corporate and commercial law matters.
In Corporate Compliance

Canada: Canada Business Corporation Act – Register of Individuals with Significant Control (Updates)

by and 6 Mins Read

In June 2019, the Canada Business Corporations Act (CBCA) was amended to require private CBCA corporations to prepare and maintain a register of “individuals with significant control” (the “ISC Register“).
There have been two key changes since this requirement was first introduced:

  1. In May 2023, regulations were published to exempt additional corporations from having to prepare and maintain an ISC Register and to provide further compliance guidance.
  2. Amendments to the CBCA have been enacted imposing, amongst other things, the requirement to publicly file certain information contained in the ISC Register with Corporations Canada and to increase penalties for non compliance.