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Canada's new anti-sex slavery law is set to take effect in May 2024, and it's already having an impact on the country's financial industry.
Specifically, hedge fund managers will be required to report to Canada's minister of public safety on their companies' efforts to combat forced labor and child labor in their supply chains, the Globe and Mail reports.
The law was passed in January and applies to companies that import goods into Canada or sell them in Canada, or have a business presence in Canada.
It's not clear how many fund managers will be affected, but the Globe and Mail notes that "it is unlikely that many managers will have control over an entity, though hedge fund managers might."
The law applies to companies with at least $20 million in assets, those that have generated at least $40 million in revenue over the past two years, and those that control or have control over an entity that sells, produces, distributes, or imports goods into Canada.
It's not clear how the law will be applied to companies that don't control or have control over an entity, but the minister of public safety recently clarified that the law is not meant to capture "very minor dealings."
The Globe and Mail has a guide to the law
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