On August 2, 2022, amendments to the National Security Review of Investments Regulations will come into force, creating a voluntary filing mechanism for investors who do not currently have a filing obligation under the Investment Canada Act (the “Act”). These amendments will also extend the initial national security review period from 45 days to five years for all investments by non-Canadians who choose not to make a filing.

The federal government first proposed these amendments in the Canada Gazette on February 12, 2022. The amendments as posted in the Canadian Gazette on June 3, 2022 are unchanged from the February proposal, aside from the coming into force date.

Continue Reading Canada to Permit Voluntary Filings Under National Security Provisions of Its Investment Canada Act

On June 23, 2022, Bill C-19, also known as the Budget Implementation Act, 2022, No.1 (“BIA”), received royal assent. The BIA was tabled in Parliament on April 7, 2022 and included significant proposed amendments to the Competition Act (the “Act”).

Continue Reading Significant Amendments to Canada’s Competition Act Are Now Law: What You Need to Know

On February 12, 2022, the federal government proposed, in the Canada Gazette, amendments to the National Security Review of Investments Regulations (the “Regulations”). The Regulations set out the timelines of the national security review process under the Investment Canada Act (the “Act”). If ratified, the proposed amendments would create a voluntary filing mechanism for investors that do not currently have a filing obligation under the Act, and would extend the initial national security review period from 45 days to 5 years for all investments by non-Canadians that do not make a filing. Investors who choose to submit a voluntary filing will, within 45 days from the certification date of their filing, know whether the Government of Canada intends to challenge their investment. The proposed amendments will benefit businesses contemplating an investment in Canada by creating an option to achieve regulatory certainty pre-implementation.

Continue Reading Canada Proposes to Permit Voluntary Filings under National Security Provisions of its Investment Canada Act

On February 2nd, 2022, the Director of Investments issued his annual report on the administration of the Investment Canada Act (“ICA”) for the fiscal year commencing April 1, 2020 and ending March 31, 2021. The Annual Report provides insight on key trends relating to foreign investment and national security reviews in Canada.

During the period covered by the Annual Report, a total of 826 filings were certified under the ICA, representing a 20% decrease from the 1,032 filings made in the previous year. Most notably, the number of applications for review (required in the case of high-value foreign acquisitions) dropped by 67% over the prior period.

Continue Reading Investment Canada Act: 2020/21 Annual Report

Competition, marketing and foreign investment law saw a number of changes in the past year. Many of these changes were in response to the continuing COVID-19 pandemic, which has significantly changed the way Canadians, businesses and government agencies operate. Despite the pandemic, the Competition Bureau (the “Bureau”) has actively continued its enforcement activity and provided a number of guidance documents to help businesses stay onside the Competition Act (the “Act”). Similarly, Canada’s Investment Review Division (“IRD”) of Innovation, Science and Economic Development Canada (“ISED”) has also responded to the challenges resulting from the pandemic.

Continue Reading Fasken’s Forecast for 2022 and Beyond: 2021’s Top 10 Trends in Canadian Competition, Marketing & Foreign Investment Law and what Businesses should expect in 2022

The Director of Investments recently issued his Investment Canada Act Annual Report for the fiscal year ended March 31, 2020.  During that fiscal year, a total of 1,032 applications for review and notifications were certified under the Investment Canada Act, being an all time high for such filings.  Of these filings, 255 were in respect of proposals to establish new businesses in Canada.  The balance of the filings were in respect of foreign acquisitions of control of existing Canadian businesses.

Continue Reading National Security Reviews Continue to Impact Investments by Non-Canadians

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

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.


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