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ARTICLE · 11 MARCH 2025

Canada Updates National Security Review Guidelines Amid Trade Tensions

Davies Ward Phillips & Vineberg LLP
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Canada's Minister of Innovation, Science and Industry (Minister), François-Philippe Champagne, has announced an update to the Investment Canada Act...

GlobalGovernment, Public Sector
Jim Dinning
Jim Dinning
Teraleigh Stevenson
Teraleigh Stevenson
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Canada's Minister of Innovation, Science and Industry (Minister), François-Philippe Champagne, has announced an update to the Investment Canada Act (ICA) National Security Review Guidelines (Guidelines) to expressly include "the potential of the investment to undermine Canada's economic security through the enhanced integration of the Canadian business with the economy, or any sector of it, of a foreign state" as a factor the government may consider when assessing the impact of an investment on Canada's national security. The Minister's full statement, released on March 5, 2025, is available here.

All direct or indirect investments by non-Canadians in Canadian businesses (including minority investments) may be subject to national security review (i) in cases where an ICA filing is made, within 45 days following the filing, and (ii) in cases where no ICA filing is required, for up to five years following the implementation of the investment. The Guidelines set out

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