October 1, 2020
Practical Law Canada has published a New Legal Update, which discusses the Canadian Government’s temporary extension, effective from July 31, 2020 to the end of 2020, of the national security review timelines under the Investment Canada Act. In addition to its immediate impact, this extension should also be understood more broadly as consistent with the increasingly important role of national security reviews.
Below is an excerpt with a link to the full Legal Update at Practical Law.
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On July 31, 2020, the federal Minister of Innovation, Science and Industry (Minister) issued the annexed Order Respecting Time Limits and Other Periods Established By or Under Certain Acts and Regulations for Which the Minister of Industry is Responsible (COVID-19), temporarily extending the timelines under the Investment Canada Act, R.S.C. 1985, c. 28 (1st Supp.) for reviewing foreign investments on the basis of national security concerns. The Order is in effect until the end of 2020.
While this extension was put in place ostensibly to address immediate COVID-19 considerations, it is also worth understanding it more generally as consistent with the growing focus under the Investment Canada Act on national security reviews.
Accordingly, this Legal Update describes the expanded review timelines and also situates this development within the longer-term trend of increasing national security scrutiny.
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For the full Update, see: Investment Canada Act National Security Review Timelines Temporarily Extended.
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