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ARTICLE · 18 DECEMBER 2023

Strengthening Canada's National Security Review Regime

Osler, Hoskin & Harcourt LLP
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Foreign investment review in Canada, like in many other jurisdictions, is increasingly emphasizing national security considerations, including economic security.

CanadaGovernment, Public Sector
Shuli Rodal
Shuli Rodal
Kaeleigh Kuzma
Kaeleigh Kuzma
Michelle Lally
Michelle Lally
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Foreign investment review in Canada, like in many other jurisdictions, is increasingly emphasizing national security considerations, including economic security. This trajectory will be amplified as a result of the amendments to the Investment Canada Act anticipated to be implemented in 2024. These changes will expand the scope of investments subject to mandatory pre-closing national security clearance.

When introducing the amendments in December 2022, the Minister of Innovation, Science and Industry emphasized the importance of foreign investment to Canada's economy and the government's desire to strike an appropriate balance between continuing to welcome investment and protecting Canada's national security. Accordingly, while closing conditions related to national security clearance may become more commonplace, prohibition of foreign investment on national security grounds is likely to remain exceptional.

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