As part of the Minister of Innovation, Science and Industry’s mandate to modernize the Investment Canada Act, the Honourable François-Philippe Champagne introduced a bill titled “Act to Amend the Investment Canada Act” or “The National Security Review of Investments Modernization Act” on December 7, 2022.
This new bill represents the most significant update of the ICA since 2009 and ensures that Canada can continue to address changing threats that can arise from foreign investment. The proposed amendments to the Investment Canada Act include:
- New filing requirement prior to the implementation of investments in prescribed business sectors;
- Authority for the Minister to extend the national security review of investments;
- Stronger penalties for non-compliance;
- Authority for the Minister to impose conditions during a national security review;
- Authority for the Minister to accept undertakings to mitigate national security risk;
- Improved information sharing with international counterparts; and,
- New rules for the protection of information during the course of judicial review.
For more information about these amendments, please consult the news release and backgrounder
.
Further news on modernization efforts will be added to this section as they are made public.