C-34
House Government Bill
An Act to amend the Investment Canada Act
Sponsor: François-Philippe Champagne, Minister of Innovation, Science and Industry (Saint-Maurice—Champlain)
Proposed changes
On 7 December 2022, the Minister of Innovation, Science and Industry introduced Bill C-34 An Act to amend the Investment Canada Act (National Security Review of Investments Modernization Act), and it was given first reading.
Bill C-34 amends the Investment Canada Act to, among other things,
- require notice of certain investments to be given prior to their implementation;
- authorize the Minister of Industry, after consultation with the Minister of Public Safety and Emergency Preparedness, to impose interim conditions in respect of investments in order to prevent injury to national security that could arise during the review;
- authorize the Minister of Industry to make an order for the further review of investments under Part IV.1;
- allow written undertakings to be submitted to the Minister of Industry to address risks of injury to national security and allow that Minister, with the concurrence of the Minister of Public Safety and Emergency Preparedness, to complete consideration of an investment because of the undertakings;
- introduce rules for the protection of information in the course of judicial review proceedings in relation to decisions and orders under Part IV.1;
- authorize the Minister of Industry to disclose information that is otherwise privileged under the Act to foreign states for the purposes of foreign investment reviews;
- establish a penalty not exceeding the greater of $500,000 and any prescribed amount, for failure to give notice of, or file applications with respect to, certain investments; and
- increase the penalty for other contraventions of the Act or the regulations to the greater of $25,000 and any prescribed amount for each day of the contravention.