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

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

Investment Canada Act threshold exemption for European Union companies directly acquiring Canadian businesses increases to $1.5 billion effective September 21, 2017

Effective September 21, 2017, most of the provisions contained in the Canada-European Union Comprehensive Economic and Trade Agreement Implementation Act (Act), including those provisions amending the Investment Canada Act, will come into force.

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Canada’s planned increase to the generally applicable threshold for “net benefit” reviews under the Investment Canada Act (ICA) from $800 million to $1 billion became effective June 22, 2017. The new $ 1 billion threshold, which is calculated using the enterprise value of the Canadian business being acquired, should have the effect of exempting most

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Canadian government responses to two requests made by Fasken Martineau under the Access to Information Act (AIA) and the recent publication by Innovation, Science and Economic Development Canada (ISED) of its Annual Report Investment Canada Act 2015-16 evidence that Canada’s power to conduct national security reviews under the Investment Canada Act (ICA) in respect of foreign investments in Canada has rarely been invoked during the almost 8 years that such power has existed.

Because of the confidentiality obligations imposed on government officials by the ICA and the sensitive nature of the assessment process which is intended to safeguard Canada’s national security interests, the Government historically has been reluctant to comment publicly on specific investments that it has subjected to national security reviews or on the review process in general.  For a considerable period of time, this reluctance extended to even providing statistics on the number of national security reviews that it had actually undertaken.


Continue Reading Investment Canada Act: National Security Review Powers Rarely Invoked

vancouver-754242On November 1, 2016, the Honourable William Morneau, Canada’s Minister of Finance, tabled his government’s Fall Economic StatementIncluded in the Statement was a commitment by the Liberal Government to ensure that Canada makes the most of every opportunity to attract global investment.

Since his election in 2015, Prime Minister Justin Trudeau has indicated