Security concerns compel Ottawa to make 'most significant update' to Investment Canada Act in a decade cdnpoli
The amendments would help the government align with the “changing global dynamics” and address new threats that may rise from foreign investments, an allusion to worries in the West about China’s growing influence, the government said in a statement.Sign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
to divest their stakes in Canadian miners, citing results of a multi-step security review. This took place after the federal government in late October said any attempt by a state-owned enterprise to purchase assets in Canada’s critical minerals sector could One of Champagne’s proposed amendments would require new filings from businesses in certain sectors prior to the implementation of the investments, giving the government a chance at an earlier stage to involve itself with transactions where there is risk of a foreigner gaining access to sensitive information.
In addition, the changes would bring stronger penalties against businesses that don’t comply with the act, as opposed to the existing ones that were established several decades ago and haven’t been revisited.
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