MT, will you be inspecting/verifying CoinLab's security measures?
... and complicance with Canadian laws and regulations?
How are they obliged to comply with Canadian laws and regulations if they're not operating in Canada? Australia has some of the world's toughest privacy laws, but I can assure you that they aren't extra-territorial and a company not operating in Australia can't be forced to comply with them.
IANAL
A Japanese company doing business in Canada is ulikely to get anywhere near the kind of scrutiny over privacy from Canadian regulators than US company will because Japan has way tougher privacy laws than the United States. In addition there is legislation in the United States that can put an US Company doing business in Canada in the near impossible position of having to break the US law or the Canadian privacy law. The PATRIOT act in the United States comes to mind. This is a well known issue in Canada that applies to a US company but not to a Japanese company.
There are many examples of US companies doing business in Canada being called to task over privacy by Canadian regulators. I would be very surprised that MtGox buy doing business in Australia is not subject to Australian privacy laws. The reality however from a practical sense is that if they follow Japanese privacy law they are unlikly to attract adverse attention from regulators is Australia. The same is not true for a US company.