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Decentralized Democracy

House Bill

Bill C-34

44th Parl. 1st Sess.
March 22, 2024
National Security Review of Investments Modernization Act
  • This bill, called the National Security Review of Investments Modernization Act, aims to make changes to the Investment Canada Act. It includes several amendments: 1. It requires notice to be given prior to implementing certain investments. 2. It authorizes the Minister of Industry to impose interim conditions on investments to prevent national security risks during the review process. 3. It allows the Minister of Industry to order further reviews of investments. 4. It allows written undertakings to address national security risks and allows the Minister to complete consideration of an investment based on these undertakings. 5. It introduces rules for protecting information during judicial review proceedings. 6. It allows the Minister of Industry to disclose privileged information to foreign states for foreign investment reviews. 7. It establishes penalties for failure to give notice or file applications for certain investments. 8. It
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  • Yea (335)
  • Nay
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SteelmanSpren in Favour

  • Steelman Argument in Favor: The proposed amendment to the Investment Canada Act in Bill C-34 is necessary and beneficial for several reasons. Firstly, it introduces measures to strengthen national security by allowing the Minister of Industry, in consultation with the Minister of Public Safety and Emergency Preparedness, to impose interim conditions on investments that could potentially pose a risk to national security during the review process. This ensures that appropriate safeguards are in place to prevent any potential harm to the country's interests. Secondly, the amendment allows for the further review of investments under Part IV.1, providing an opportunity to thoroughly assess investments that may have significant implications for national security. This additional review process ensures careful consideration of potential risks and allows for appropriate mitigation measures to be implemented if necessary. Furthermore, the a

SteelmanSpren Against

  • One possible steelman argument opposing this proposed amendment to the Investment Canada Act is that it may discourage foreign investment and hinder economic growth. By imposing stricter regulations and requirements on foreign investors, such as the need to give notice prior to investment implementation and the potential for interim conditions and further reviews, it may create barriers and delays for foreign businesses looking to invest in Canada. This could result in foreign investors choosing to invest in other countries with more favorable investment climates, limiting job creation and economic opportunities in Canada. Additionally, the penalties imposed for non-compliance with the Act are relatively high, which may also deter foreign investors from considering Canada as an attractive investment destination. Therefore, critics of this amendment may argue that it could have unintended negative consequences for Canada's economy and co
Royal Assent
  • March 22, 2024, 9 a.m.
  • Read

Senate Committee

44th Parl. 1st Sess.
March 21, 2024
Banking, Commerce and the Economy (BANC)
Re. Bill C-34, An Act to amend the Investment Canada Act, without amendment but with observations
  • Twelfth Report

  • The Standing Senate Committee on Banking, Commerce and the Economy has the honour to present its

    TWELFTH REPORT

    Your committee, to which was referred Bill C-34, An Act to amend the Investment Canada Act, has, in obedience to the order of reference of Thursday, December 14, 2023, examined the said bill and now reports the same without amendment but with certain observations, which are appended to this report.

    Respectfully submitted,

    PAMELA WALLIN

    Chair

    Observations to the Twelfth Report of the Standing Senate Committee on Banking, Commerce and the Economy (Bill C-34)

    The committee supports Bill C-34 with reservations. We heard serious concerns from several witnesses that the scope of the legislation is too limited and does not adequately balance our economic and national security needs. Several national security experts stated the bill did not sufficiently account for the threat of foreign actors.

    Your committee believes it is important to ensure that government-funded intellectual property and treatment of personal data be considered as economic net benefit factors and that forthcoming regulations reflect that. Due to the limited levels of domestic investment in the intangibles sector, the strategic value of these assets may not be fully captured in commercial valuations of acquired corporations. Thus, prioritizing expert technical diligence is essential in the Net Benefit Review, with threshold metrics adapting to evolving intangible asset valuation methodologies.

    The committee acknowledges the close work with our Five Eyes partners, but considering the evolving threat of foreign interference, the Government should move quickly to increase greater collaboration with our allies.

    Finally, because of the rapidly evolving nature of foreign investment in Canada and the growing concerns over national security in an era of great geopolitical changes, the committee recommends that in 3 years’ time the Minister of Innovation, Science and Industry report to parliamentarians on whether the Investment Canada Act is meeting its objectives.

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Senate Second Reading
  • Nov. 21, 2023, 2 p.m.
  • Passed
Senate First Reading
  • Nov. 21, 2023, 2 p.m.
  • Passed

House Motion No. 444

44th Parl. 1st Sess.
Nov. 7, 2023, 3:45 p.m.
Concurrence at report stage of Bill C-34, An Act to amend the Investment Canada Act

House Motion No. 440

44th Parl. 1st Sess.
Nov. 6, 2023, 1 p.m.
Time allocation for Bill C-34, An Act to amend the Investment Canada Act

House Committee

44th Parl. 1st Sess.
September 21, 2023
Standing Committee on Industry, Natural Resources, Science and Technology (INDU)
Re. Bill C-34, An Act to amend the Investment Canada Act
  • Thu Sep 21, 2023 03:42 - 03:47PM
  • Read
  • Watch
  • Hear!
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