Voluntary National Security Notifications Now Permitted Under The Investment Canada Act

Overview

On August 2, 2022, the Canadian government amended the National Security Review of Investments Regulations (the "National Security Regulations") under the Investment Canada Act (the "Act") to:

• permit non-Canadians to voluntarily submit a non-controlling or minority interest investment (or proposed investment) in a Canadian business ("Non-Controlling Investment") to an initial 45-day national security review of their Non-Controlling Investment;

• allow the Canadian government, if such voluntary filing is not made, to initiate a national security review of the Non-Controlling Investment for up to 5 years after its date of implementation; and
• prescribe the information required to be provided to the Minister to commence a national security review of a Non-Controlling Investment