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ARTICLE · 04 NOVEMBER 2009

The Investment Canada Act: Paper Tiger No More

Norton Rose Fulbright Canada LLP
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This year has seen several significant developments related to the "Investment Canada Act" (the Act). These include the enhancement of the enforcement powers of the Minister of Industry (the Minister) and the expansion of the Minister's power to now also review transactions on the grounds they may be injurious to Canada's national security.

CanadaStrategy
Kevin Ackhurst
Kevin Ackhurst
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This year has seen several significant developments related to the Investment Canada Act (the Act). These include the enhancement of the enforcement powers of the Minister of Industry (the Minister) and the expansion of the Minister's power to now also review transactions on the grounds they may be injurious to Canada's national security. The Act was amended in March 2009 and draft regulations to implement those amendments were published in July 2009. Not only has the Minister flexed his muscles by using - for the first time - the preamendment provisions to require a non-Canadian investor to fulfill its undertakings, but it also appears that he may have used the new national security powers to delay at least one transaction.

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