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21 Requirements If Unable To Obtain Information About Interest Holders Or Settlors

In This Volume

  • 21(1) A reporting body must take reasonable steps to obtain and confirm the accuracy of
  • (a) the information required under section 19(a) in respect of each interest holder,
  • (b) if the reporting body is a trustee of a relevant trust, the information required under section 20(a)(i) and (b) in respect of each settlor, and
  • (c) prescribed information, if any.
  • (2) If a reporting body that is a relevant corporation determines that there are no individuals who are corporate interest holders, or if a reporting body that is a partner of a relevant partnership determines that there are no individuals who are partnership interest holders, the transparency report must contain a statement setting this out.
  • (3) If a reporting body that is a trustee of a relevant trust determines that there are no individuals who are beneficial owners, the transparency report must contain a description of each class of beneficiaries of the relevant trust.
  • (4) If a reporting body is unable to obtain or confirm the accuracy of some or all of the information referred to in subsection (1) in respect of an interest holder or settlor, as applicable, the transparency report must contain the following:
  • (a) the information referred to in subsection (1) that the reporting body was able to obtain or confirm in respect of the interest holder or settlor;
  • (b) for information referred to in subsection (1) that the reporting body was not able to obtain or confirm, a summary of the steps taken to obtain or confirm the information;
  • (c) prescribed information, if any.

2019-23-21, effective November 30, 2020 (B.C. Reg. 250/2020).