Investment Canada Act (R.S.C., 1985, c. 28 (1st Supp.))

Act current to 2016-04-12 and last amended on 2015-04-24. Previous Versions

Marginal note:Information for monitoring

 A non-Canadian that implements an investment in accordance with this Part shall submit such information in his possession relating to the investment as is required from time to time by the Director in order to permit the Director to determine whether the investment is being carried out in accordance with the application filed under section 17 and any representations made or undertakings given in relation to the investment.

  • R.S., 1985, c. 28 (1st Supp.), s. 25;
  • 1995, c. 1, s. 50.

PART IV.1Investments Injurious to National Security

Marginal note:Application

 This Part applies in respect of an investment, implemented or proposed, by a non-Canadian

  • (a) to establish a new Canadian business;

  • (b) to acquire control of a Canadian business in any manner described in subsection 28(1); or

  • (c) to acquire, in whole or in part, or to establish an entity carrying on all or any part of its operations in Canada if the entity has

    • (i) a place of operations in Canada,

    • (ii) an individual or individuals in Canada who are employed or self-employed in connection with the entity’s operations, or

    • (iii) assets in Canada used in carrying on the entity’s operations.

  • 2009, c. 2, s. 453.
Marginal note:Notice
  •  (1) If the Minister has reasonable grounds to believe that an investment by a non-Canadian could be injurious to national security, the Minister may, within the prescribed period, send to the non-Canadian a notice that an order for the review of the investment may be made under subsection 25.3(1).

  • Marginal note:Condition for investment

    (2) If a non-Canadian has not implemented a proposed investment when they receive a notice under subsection (1), they shall not implement the investment unless they receive

    • (a) a notice under paragraph (4)(a) indicating that no order for the review of the investment will be made under subsection 25.3(1);

    • (b) a notice under paragraph 25.3(6)(b) indicating that no further action will be taken in respect of the investment; or

    • (c) a copy of an order made under section 25.4 authorizing the investment to be implemented.

  • Marginal note:Requirement to provide information

    (3) The Minister may require the non-Canadian or any person or entity from which the Canadian business or the entity referred to in paragraph 25.1(c) is being acquired to provide, within the time and in the manner specified by the Minister, any prescribed information or any other information that the Minister considers necessary for the purposes of determining whether there are reasonable grounds to believe that an investment by a non-Canadian could be injurious to national security.

  • Marginal note:Ministerial action

    (4) The Minister shall send to the non-Canadian

    • (a) a notice, which shall be sent within the prescribed period, indicating that no order for the review of the investment will be made under subsection 25.3(1); or

    • (b) a notice referred to in subsection 25.3(2) indicating that an order for the review of the investment has been made.

  • 2009, c. 2, s. 453;
  • 2013, c. 33, s. 140.
Marginal note:Reviewable investments
  •  (1) An investment is reviewable under this Part if the Minister, after consultation with the Minister of Public Safety and Emergency Preparedness, considers that the investment could be injurious to national security and the Governor in Council, on the recommendation of the Minister, makes an order within the prescribed period for the review of the investment.

  • Marginal note:Notice

    (2) The Minister shall, without delay after the order has been made, send to the non-Canadian making the investment and to any person or entity from which the Canadian business or the entity referred to in paragraph 25.1(c) is being acquired, a notice indicating that an order for the review of the investment has been made and advising them of their right to make representations to the Minister.

  • Marginal note:Condition for investment

    (3) If a non-Canadian has not implemented a proposed investment when they receive a notice under subsection (2), they shall not implement the investment unless they receive

    • (a) a notice under paragraph (6)(b) indicating that no further action will be taken in respect of the investment; or

    • (b) a copy of an order made under section 25.4 authorizing the investment to be implemented.

  • Marginal note:Representations

    (4) If, after receipt of the notice referred to in subsection (2), the non-Canadian or other person or entity advises the Minister that they wish to make representations, the Minister shall afford them a reasonable opportunity to make representations in person or by a representative.

  • Marginal note:Requirement to provide information

    (5) The Minister may require the non-Canadian or other person or entity to provide, within the time and in the manner specified by the Minister, any prescribed information or any other information that the Minister considers necessary for the purposes of the review.

  • Marginal note:Ministerial action

    (6) After consultation with the Minister of Public Safety and Emergency Preparedness, the Minister shall, within the prescribed period,

    • (a) refer the investment under review to the Governor in Council, together with a report of the Minister’s findings and recommendations on the review, if

      • (i) the Minister is satisfied that the investment would be injurious to national security, or

      • (ii) on the basis of the information available, the Minister is not able to determine whether the investment would be injurious to national security; or

    • (b) send to the non-Canadian a notice indicating that no further action will be taken in respect of the investment if the Minister is satisfied that the investment would not be injurious to national security.

  • Marginal note:Extension

    (7) If the Minister is unable to complete the consideration of an investment within the prescribed period referred to in subsection (6), the Minister shall, within that period, send a notice to that effect to the non-Canadian. The Minister then has until the end of the period prescribed for this subsection, or any further period that the Minister and the non-Canadian agree on, to take the applicable measures described in paragraph (6)(a) or (b).

  • 2009, c. 2, s. 453;
  • 2013, c. 33, s. 141.
Marginal note:Governor in Council’s powers
  •  (1) On the referral of an investment under paragraph 25.3(6)(a) or subsection 25.3(7), the Governor in Council may, by order, within the prescribed period, take any measures in respect of the investment that he or she considers advisable to protect national security, including

    • (a) directing the non-Canadian not to implement the investment;

    • (b) authorizing the investment on condition that the non-Canadian

      • (i) give any written undertakings to Her Majesty in right of Canada relating to the investment that the Governor in Council considers necessary in the circumstances, or

      • (ii) implement the investment on the terms and conditions contained in the order; or

    • (c) requiring the non-Canadian to divest themselves of control of the Canadian business or of their investment in the entity.

  • Marginal note:Copy of order

    (2) The Minister shall send a copy of the order to the non-Canadian or other person or entity to which it is directed without delay after it has been made.

  • Marginal note:Requirement to comply with order

    (3) The non-Canadian or other person or entity to which the order is directed shall comply with the order.

  • Marginal note:Statutory Instruments Act does not apply

    (4) The Statutory Instruments Act does not apply in respect of the order.

  • 2009, c. 2, s. 453;
  • 2013, c. 33, s. 142.
Marginal note:Information for determination

 Non-Canadians or other persons or entities that are subject to an order made under section 25.4 shall submit any information in their possession relating to the investment that is required from time to time by the Director in order to permit the Director to determine whether they are complying with the order.

  • 2009, c. 2, s. 453.
 
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