National Security Review of Investments Modernization Act

An Act to amend the Investment Canada Act

Sponsor

Status

This bill has received Royal Assent and is, or will soon become, law.

Summary

This is from the published bill. The Library of Parliament has also written a full legislative summary of the bill.

This enactment amends the Investment Canada Act to, among other things,
(a) require notice of certain investments to be given prior to their implementation;
(b) 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;
(c) require, in certain cases, the Minister of Industry to make an order for the further review of investments under Part IV.1;
(d) 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;
(e) introduce rules for the protection of information in the course of judicial review proceedings in relation to decisions and orders under Part IV.1;
(f) 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;
(g) 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
(h) 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.

Elsewhere

All sorts of information on this bill is available at LEGISinfo, an excellent resource from the Library of Parliament. You can also read the full text of the bill.

Votes

Nov. 20, 2023 Passed 3rd reading and adoption of Bill C-34, An Act to amend the Investment Canada Act
Nov. 7, 2023 Passed Concurrence at report stage of Bill C-34, An Act to amend the Investment Canada Act
Nov. 7, 2023 Failed Bill C-34, An Act to amend the Investment Canada Act (report stage amendment) (Motion 3)
Nov. 7, 2023 Passed Bill C-34, An Act to amend the Investment Canada Act (report stage amendment) (Motion 1)
Nov. 6, 2023 Passed Time allocation for Bill C-34, An Act to amend the Investment Canada Act
April 17, 2023 Passed 2nd reading of Bill C-34, An Act to amend the Investment Canada Act

National Security Review of Investments Modernization ActGovernment Orders

March 31st, 2023 / 12:40 p.m.


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Some hon. members

Agreed.

The House resumed from March 31 consideration of the motion that Bill C-34, An Act to amend the Investment Canada Act, be read the second time and referred to a committee.

National Security Review of Investments Modernization ActGovernment Orders

April 17th, 2023 / 3:10 p.m.


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The Speaker Anthony Rota

Pursuant to order made on Thursday, June 23, 2022, the House will now proceed to the taking of the deferred recorded division on the motion at second reading stage of Bill C-34.

(The House divided on the motion, which was agreed to on the following division:)

Vote #293

National Security Review of Investments Modernization ActGovernment Orders

April 17th, 2023 / 3:25 p.m.


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The Speaker Anthony Rota

I declare the motion carried. Accordingly, the bill stands referred to the Standing Committee on Industry and Technology.

(Bill read the second time and referred to a committee)

National Security Review of Investments Modernization ActGovernment Orders

April 17th, 2023 / 3:25 p.m.


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The Speaker Anthony Rota

I wish to inform the House that because of the deferred recorded division, Government Orders will be extended by 12 minutes.

National Security Review of Investments Modernization ActGovernment Orders

April 17th, 2023 / 3:25 p.m.


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Liberal

Jennifer O'Connell Liberal Pickering—Uxbridge, ON

Mr. Speaker, I rise on a point of order.

Following question period on March 31, the member for Fort McMurray—Cold Lake rose on a point of order and accused me of making statements about her. I want to unequivocally again deny that any such remarks were made by me, but in reaction to that assertion, I used unparliamentary language. While I hope everyone can understand why my reaction was so strong, I have the utmost respect for this House, for the rules that govern it and for all hon. colleagues. That is why I rise to withdraw, and apologize for, the inappropriate use of the word “lie”.

National Security Review of Investments Modernization ActGovernment Orders

April 17th, 2023 / 3:25 p.m.


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The Speaker Anthony Rota

I want to thank the hon. member for her apology. She is rising on a question of privilege, as well.