The Canadian government announced a new policy on October 28, 2022 (the Policy) under the Investment Canada Act (ICA) governing investments by state-owned enterprises (SOEs) in Canada’s critical minerals sector. The government followed the issuance of the Policy with an announcement on November 2, 2022, that it had ordered three Chinese investors to divest their…

The past year generated substantial interest in the operation of Canada’s principal legislation governing the review of foreign investments, the Investment Canada Act (“ICA”). In particular, attention was focused on the ICA’s national security review process, which authorizes the Canadian government to block investments by non-Canadians that would be “injurious” to Canada’s national security. We…