The North American Agreement on Labour Law Cooperation (NAALC) entered into force in January 1994. It is one of two parallel agreements to the North American Free Trade Agreement between the United States, Canada and Mexico. The agreement is managed by the Labour Cooperation Commission, which consists of a Council of Ministers and a trinational secretariat based in Washington D.C. Currently, four provinces (Quebec, Alberta, Manitoba and Prince Edward Island) are signatories to the NAALC through an intergovernmental agreement. The Commission works closely with the national administrative offices (NGOs) established in each country to implement the agreement and as a national contact point. In Canada, the Office for Inter-American Labour Cooperation within labour`s Human Resources and Skills Development Canada branch acts as a Canadian NAO. The Court of Auditors of Canada also provides for the filing and receipt of public communications (complaints) concerning labour law matters arising in the territory of another Contracting Party and serves as the official audit body in Canada. 6.18 In Canada, an entity designated under federal legislation to provide centralized securities clearing, settlement and depositing bodies, generally referred to as A CSD, is not treated as financial account keeping. Participants in Canadian securities settlement systems holding units in the CSD are either separate financial institutions or access to the system through a financial institution. It is these financial institutions that keep the accounts and it is these participants who are responsible for the reporting obligation. This processing also applies to a Canadian business that is a direct or indirect subsidiary used exclusively to provide services related to the activity of the CSD (CSD Related Entity) operated by that CSD. The relationship between the securities provider and the securities provider and its participants is not a financial account and, therefore, the CSD and an entity related to the CSD are not required to establish a necessary relationship in relation to interests held by or on behalf of the participants. Notwithstanding the foregoing, the CSD may, on behalf of those participants, report on the interest that has been accounted for as service providers.
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