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ARTICLE · 14 DECEMBER 2022

Modernization Of The Investment Canada Act Is Underway

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On December 7, 2022, the Canadian federal government introduced Bill C-34, An Act to amend the Investment Canada Act, to modernize Canada's foreign investment review law, the Investment Canada Act (ICA).

CanadaGovernment, Public Sector
Beth Riley
Beth Riley
Joshua Chad
Joshua Chad
Joshua Krane
Joshua Krane
Hannah Johnson
Hannah Johnson
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On December 7, 2022, the Canadian federal government introduced Bill C-34, An Act to amend the Investment Canada Act, to modernize Canada's foreign investment review law, the Investment Canada Act (ICA). Bill C-34 is intended to align Canada's approach to national security reviews of inbound foreign investments with the foreign investment review regimes of its allies in the UK and the US, with a particular focus on investments in sensitive sectors of the economy. The Bill follows a directive in the Prime Minister's December 2021 Mandate Letter to the Minister of Innovation, Science and Industry to “strengthen the national security review process and better identify and mitigate economic security threats from foreign investment.”

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The foregoing provides only an overview and does not constitute legal advice. Readers are cautioned against making any decisions based on this material alone. Rather, specific legal advice should be obtained.

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