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On 7 December 2022, the Canadian government introduced a Bill amending the Investment Canada Act (ICA), known as the National Security Review of Investments Modernization Act (Bill C-34), specifically to amend national security provisions. The Bill includes the authorisation of the sharing of information on foreign investors with international partners, allowing for the sharing of investment data with the national investment authorities of third countries to facilitate national security controls and to address a common international security interest. The Bill also includes the transfer of administrative powers to the Minister of Innovation, Science and Industry to ensure greater flexibility in assessing and managing national security risks. The Minister will be able to select information deemed worthy of protection, based on its sensitivity, within a judicial process to protect it from disclosure in enforcement actions arising from the ICA. The Minister may also unilaterally impose conditions on an investor as long as the review process is open. Finally, the amendment includes new requirements for investments in certain sectors, including a requirement for prior notification and deferral of investment until the review process is terminated.
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