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ARTICLE · 22 FEBRUARY 2021

Canadian Going Private Transactions: Regulatory Approvals – ICA Part II (National Security)

McCarthy Tétrault
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This is the second of a two part series on the potential application of the Investment Canada Act to transactions involving Canadian businesses.

CanadaGovernment, Public Sector
Spotlight Can-Asia
Spotlight Can-Asia
Michael Caldecott
Michael Caldecott
Xin Gao
Xin Gao
Joyce Lee
Joyce Lee
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This is the second of a two part series on the potential application of the Investment Canada Act to transactions involving Canadian businesses.  Part II focuses on the national security provisions in the Investment Canada Act.

The National Security Regime in the Investment Canada Act

In addition to the potential requirement to obtain pre-closing approval by the Minister of Innovation, Science and Industry (the "Minister") for direct acquisitions of control of a Canadian business, the Investment Canada Act also prescribes a national security review process. This process allows the Minister to review, on national security grounds, any direct or indirect equity or asset investment (including minority investments) involving a Canadian business or entity, or the establishment of a new Canadian business or entity, by a non-Canadian. If it finds that it is advisable to protect national security, the government may block a proposed investment, allow an investment with

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