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ARTICLE · 12 SEPTEMBER 2024

Canada Expands Interim Measures And Disclosure Powers For Foreign Investment National Security Reviews

McMillan LLP
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Effective September 3, 2024, the Minister of Industry ("Minister") has significant new powers when conducting national security reviews under the Investment Canada Act ("ICA").

CanadaGovernment, Public Sector
Joshua Chad
Joshua Chad
Hannah Johnson
Hannah Johnson
Mishail Adeel
Mishail Adeel
Joshua Krane
Joshua Krane
François Tougas
François Tougas
Neil Campbell
Neil Campbell
John Clifford
John Clifford
Daniel Edmondstone
Daniel Edmondstone
Sidney Elbaz
Sidney Elbaz
+13 more
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Effective September 3, 2024, the Minister of Industry ("Minister") has significant new powers when conducting national security reviews under the Investment Canada Act ("ICA").1

These new rules:

  1. allow the Minister to order reviews without a Cabinet authorization, to extend timelines and to impose interim conditions during a review;
  2. increase information-sharing and disclosure powers during national security reviews, including greater scope to communicate with foreign governments and the power to identify the investors and the target business investment when publicly disclosing that the federal Cabinet has issued an order taking measures to protect national security; and

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The foregoing provides only an overview and does not constitute legal advice. Readers are cautioned against making any decisions based on this material alone. Rather, specific legal advice should be obtained.

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