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ARTICLE · 05 APRIL 2021

Federal Government Expands Guidelines Related To National Security Reviews

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All foreign investments in Canada, regardless of dollar value, are subject to the national security provisions of the Investment Canada Act (the "ICA"), including greenfield investments.

CanadaGovernment, Public Sector
Eric Dufour
Eric Dufour
Reema Mahbubani
Reema Mahbubani
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All foreign investments in Canada, regardless of dollar value, are subject to the national security provisions of the Investment Canada Act (the "ICA"), including greenfield investments.

On March 25, 2021, the Minister of Innovation, Science and Industry, François-Philippe Champagne, released updated guidelines for national security reviews of foreign investments in Canada. It is the first time that the Guidelines on the National Security Review of Investments (the "Guidelines") have been updated since being introduced in 2016.

The Guidelines provide helpful insight into the factors that are considered when evaluating whether a proposed investment warrants a national security review.  Further, the Guidelines also set out procedures that will be followed should a national security review be initiated.

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