National security concerns have been cited by some countries as the motivation behind recent legislative and policy changes directed at regulating foreign investment. The creation of new or the bolstering of existing national security investment review regimes raises the question as to whether these changes are solely based on legitimate national security concerns or whether
Shannon Kristjanson is engaged in a diverse business law practice, focusing on corporate/commercial, procurement, and national security law.
Shannon has been involved in a wide variety of transactions for both private and publicly-held companies including mergers and acquisitions, reorganizations and financings. She advises both government and private entities on issues related to public procurement and government contracts. Shannon is also a member of Fasken’s National Security Law practice group, advising clients on national security matters including requirements for government security clearances and dealing with controlled goods.
On March 24, 2021, the Minister of Innovation, Science and Industry (the “Minister”) announced updates to the Guidelines on the National Security Review of Investments (the “Guidelines”) issued under the Investment Canada Act (the “ICA”).
This first update since the Guidelines were issued on December 21, 2016 appears…
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.