Certainly. Thank you.
My name is Gerard Peets. I'm the acting director general at marketplace framework policy branch at Industry Canada. I'm here with Patricia Brady, who is the director of investment policy.
We're here to speak to division 28, which would amend the Investment Canada Act to do two things. The first is to improve transparency by allowing the Minister of Industry and the Minister of Canadian Heritage to publicly communicate more information on the review process. The second is to add an enforcement tool to promote investor compliance with undertakings or commitments that they provide as part of the investment review process.
Specifically, to improve transparency, the amendments proposed in clause 480 of the bill would allow the minister to publicly disclose the fact that he has sent a preliminary notice to an investor that he is not satisfied about the likely net benefit of the investment. He would also be able to publicly explain his reasons for sending such a notice, provided it would not cause prejudice to the Canadian business or to the investor.
With respect to enforcement, the amendment proposed in clause 479 of the bill would authorize the minister to accept security from investors for payments of any penalties that could be imposed by a court for a breach of undertakings.