Photo of Douglas C. New

Former Chair of the firm’s Antitrust/Competition & Marketing Group, Douglas New carries on an active regulatory law practice which includes providing specialized advice to domestic and foreign clients on matters of national security and pre-merger regulatory clearances under legislation such as the Competition ActBank ActInsurance Companies ActInvestment Canada Act and Canada Transportation Act.

On November 11, 2020, the United Kingdom introduced the National Security and Investment Bill (NSI Bill) directed at improving its national security screening regime for investments.   With the introduction of the NSI Bill, the UK joins a long list of nations, including Canada, Australia and the United States, that have altered their national security investment screening processes and/or policies since the COVID-19 crisis started.

The NSI Bill contemplates:

  • mandatory pre-closing notification requirements for transactions involving specific listed industry sectors;
  • a voluntary notification process for transactions not involving a listed sector but which still may raise national security concerns; and
  • a “call in” power to screen transactions either not requiring notification or, where notification has been made, a decision is made within 30 business days of filing that a more detailed assessment is required.


Continue Reading New UK National Security Investment Screening Regime

Never before have foreign investors faced the same level of scrutiny or uncertainty  

Bill C-20 has passed Canada’s Senate and received Royal Assent, becoming law on July 27, 2020. Part 3 of the Bill becomes the Time Limits and Other Periods Act (COVID-19) and will be of particular and urgent interest to non-Canadians contemplating the

“There’s nothing like a global pandemic to give globalism a bad name.”

Susan Delacourt, National Columnist, The Star

With Canada’s largest trading partner taking an “America first” approach to trade even prior to the COVID-19 crisis, can “Canada first” thinking be far behind, especially in light of Canada’s and other nations’ COVID-19 experiences? PPE

As discussed in our previous post, on April 18, 2020, the Minister of Innovation, Science and Industry released a policy statement announcing that, in light of the evolving COVID-19 pandemic, certain foreign investments into Canada will be subject to enhanced scrutiny under the Investment Canada Act (the “Act”).


Continue Reading Enhanced Scrutiny of Foreign State-Owned Investors / Critical Infrastructure at the Heart of Canadian National Security Concerns

The 2018/19 Annual Report on the administration of the Investment Canada Act (Act) recently issued by the Act’s Director of Investments records a considerable increase in filings under the Act by non-Canadians establishing new businesses in Canada.

During the 4 prior years, the Investment Review Division received, on average, 175 new business filings

In August 2019, Genworth Financial, Inc. (Genworth) announced that it had agreed to sell its approximate 57% shareholding in Canadian subsidiary Genworth MI Canada Inc. (Genworth Canada) to Canadian headquartered Brookfield Business Partners L.P. (Brookfield) for approximately C$2.4 billion. Genworth Canada, through one of its subsidiaries, is Canada’s largest

Non-Canadian secured lenders should be aware that they may have a filing obligation under the Investment Canada Act (Act) if they acquire control of a Canadian business in connection with the realization on security granted for a loan or other financial assistance.

Until 2009, such transactions were entirely exempt from the Act. Specifically,

In a recent speech given at the Canadian Bar Association’s Competition Law Spring Conference, Commissioner of Competition, Matthew Boswell, announced the Bureau’s decision to place more focus on identifying non-notifiable mergers which could potentially raise competition law concerns.

While the Competition Act (“the Act”) requires pre-merger notification of certain proposed mergers when prescribed monetary thresholds

The Competition Bureau announced the 2019 transaction-size pre-merger notification threshold under the Competition Act increased to C$96 million from C$92 million, effective February 2, 2019. Innovation, Science and Economic Development Canada also announced new foreign investment review thresholds under the Investment Canada Act, effective January 1, 2019.

Competition Act

In general terms, certain transactions that