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ARTICLE · 04 JANUARY 2013

Canada Makes Changes To Investment Canada Regime

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On December 7, 2012, Industry Canada released widely anticipated revisions to guidelines1 on the review of proposed investments by foreign state-owned enterprises (SOEs) under the Investment Canada Act (ICA).

CanadaGovernment, Public Sector
James Musgrove
James Musgrove
Neil Campbell
Neil Campbell
Stephen Wortley
Stephen Wortley
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On December 7, 2012, Industry Canada released widely anticipated revisions to guidelines1 on the review of proposed investments by foreign state-owned enterprises (SOEs) under the Investment Canada Act (ICA). At the same time, the Prime Minister provided additional comments about the government's proposed approach in a companion speech and the Minister of Industry approved two significant SOE acquisitions of Canadian businesses in the oil and gas sector: China National Offshore Oil Company (CNOOC) / Nexen Inc. and Petroliam Nasional Berhad (Petronas) / Progress Energy Ltd.

The Investment Canada Act

Recognizing that increased capital and technology would benefit Canada, the purpose of the ICA is "to encourage investment in Canada by Canadians and non-Canadians that contributes to economic growth and employment opportunities and to provide for the review of significant investments in Canada by non-Canadians in order to ensure such benefit to Canada." The ICA applies

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