Individuals of Significant Control (ISC) Registry / Transparency Registry (Canadian entities)

GianMarco Athennian DocAuto Team Document Coding - Level 3
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In most Canadian jurisdictions, tracking of the entity's beneficial ownership using a Register of Individuals of Significant Control (ISC), or Transparency Registry, is a mandatory requirement. Such registries typically include information on the ultimate beneficial owners' names, place of residence, date of birth, and how the beneficial owner controls the corporation. 

Athennian makes it easy to manage beneficial ownership, and can create the required registers.

There are three important steps in the process of preparing the required ISC / Transparency Registry. 

1. Ultimate Beneficial Owners: What goes where?

Athennian uses Ultimate Beneficial Owners (previously referred to as Controllers) to store the information of the beneficial owners. To learn how to properly save the information for the Ultimate Beneficial Owners, please follow the steps described in the article Keeping track of Beneficial Ownership using Ultimate Beneficial Owners (for Canadian entities).

2. Updating the ISC Registry / Transparency Register

The law requires that information on beneficial ownership be verified annually. Any steps taken to verify this information must be included in the registry.

To record the steps taken in the application, use the "Notes" field, located in the "Overview" section of the application.

Locate the Notes box, and then click on the "+" sign on the right corner for the Note window pop up, prompting to enter a new note;

Select Controller from the dropdown in the Reason field;

Enter the appropriate Date for the note, and use the Details field to store the description of the step taken to verify the beneficial owner's information. Click the Save button;

Repeat this process for each step taken to confirm beneficial ownership information. 
Note: Don't forget to delete the notes from previous years.

3. Generating the ISC / Transparency Registry

Open the profile of the entity you want to generate the ISC /Transparency Registry for, and navigate to the Principals section;

Click the Generate button, and select the template for the registry you want to generate;

Click the Merge button to generate the document. Below is a sample of how the registry would look like.

Note: The sample is for illustration purpose only. The actual document may vary due to product improvements.

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