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ARTICLE · 05 JUNE 2020

Investors: Expect Delays Ahead

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The extension power proposed in the TLPA may be invoked up to September 30, 2020 and may have retroactive effect to March 13, 2020.

CanadaGovernment, Public Sector
Anthony Baldanza
Anthony Baldanza
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In an April 18, 2020 policy statement, the Government of Canada ("GOC") announced that, in light of the COVID-19 pandemic, investments by non-Canadians "related to public health or involved in the supply of critical goods and services to Canadians or to the Government" would be subject to "enhanced scrutiny" under the Investment Canada Act ("ICA").

In yet another pandemic-related initiative, the GOC on May 19, 2020, published for comment draft legislation, the Time Limits and other Periods Act (COVID-19) (the "TLPA") that, if enacted in its current form, would create uncertainty with respect to, and may result in material extensions of, time periods for national security reviews under the ICA.

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