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ARTICLE · 10 MARCH 2025

Canada Revises Its National Security Review Guidelines For Investments

Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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Amidst unprecedented trade tensions with the United States, on March 5, 2025, the Government of Canada (Government) released updated Guidelines on the National Security Review of Investments...

CanadaGovernment, Public Sector
Blakes Competition & Antitrust Group
Blakes Competition & Antitrust Group
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Amidst unprecedented trade tensions with the United States, on March 5, 2025, the Government of Canada (Government) released updated Guidelines on the National Security Review of Investments(Guidelines) under the Investment Canada Act (ICA). The Guidelines are intended to inform investors of the policies and criteria followed by the Government in administering the national security review process under the ICA and have been updated to:

  1. Introduce a new "economic security" factor that the Minister of Innovation, Science and Industry (Minister) can use in assessing whether a proposed investment is injurious to Canada's national security
  2. Incorporate the Government's Sensitive Technology List into the definition of "sensitive technology"

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