The Canadian government has proposed legislation to update and reinforce its national security review process under the Investment Canada Act (ICA). The proposed changes – contained in Bill C-34, National Security Review of Investments Modernization Act (Bill) – are the most significant since the ICA’s national security regime was introduced in 2009.   Proposed New…

On November 17, 2022, Canada’s federal Minister of Innovation, Science and Industry formally announced that the federal government is launching a comprehensive review of the Competition Act (Act) and Canadian competition policy. This announcement follows through on the Minister’s previous indications that significant reforms were in the works, and comes after the government enacted more…

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…