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ARTICLE · 30 OCTOBER 2019

Notification Obligations Under The Investment Canada Act For Foreign Lenders

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Until 2009, such transactions were entirely exempt from the Act.

CanadaGovernment, Public Sector
Douglas New
Douglas New
Justine Reisler
Justine Reisler
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Non-Canadian secured lenders should be aware that they may have a filing obligation under the Investment Canada Act (Act) if they acquire control of a Canadian business in connection with the realization on security granted for a loan or other financial assistance.

Until 2009, such transactions were entirely exempt from the Act. Specifically, paragraph 10(1)(c) of the Act classified a transaction involving "the acquisition of control of a Canadian business in connection with the realization of security granted for a loan or other financial assistance and not for any purpose related to the provisions of this Act" (Realization Exemption) as an exempt transaction to which no provision of the Act applied.

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