2022–2024 Forward Regulatory Plan – Industry sector

Regulations Amending the National Security Review of Investments Regulations

Enabling act(s)

Investment Canada Act, subsections 35(1) and (1.1)


The government is proposing to create a voluntary mechanism that would allow foreign investors making certain types of investments not otherwise required to make a filing under the ICA to do so, thereby triggering the statutory deadlines of the Investment Canada Act national security review process.

Currently, investors not subject to the existing mandatory filing requirement are not able to be certain if action will be taken under the ICA until 45 days after implementing their proposals.

In addition, the amendments will extend the initial national security review period where no voluntary filing is made from the current 45 days from the date of implementation to five years.

Potential impacts on Canadians, including businesses

The proposal is not anticipated to have any associated costs for Canadians or businesses. Non-Canadian investors with investment proposals that do not require a filing would now have the option of submitting a voluntary filing for national security review. The voluntary filing would allow investors to gain regulatory certainty prior to implementation, a possibility which is not currently available to them.

Regulatory cooperation efforts (domestic and international)

The proposal is unrelated to a work plan or commitment under a formal regulatory cooperation forum.


On February 12, 2022, the government launched 30 days of public consultations on proposed amendments to the National Security Review of Investments Regulations

Further information

Investment Canada Act Website
National Security Review of Investments Regulations
Pre-publication of draft regulations

[Departmental] contact information

Katherine Burke
Director General
Investment Review Branch

The date the regulatory initiative was first included in the Forward Regulatory Plan

New initiative


Consult the following for links to the Cabinet Directive on Regulation and supporting policies and guidance, and for information on government-wide regulatory initiatives implemented by departments and agencies across the Government of Canada:

To learn about upcoming or ongoing consultations on proposed federal regulations, visit: