That's a very 30,000-foot question, and I'm afraid it's a bit above my pay grade. My comments were restricted to the Competition Act, which is covered in Bill C-59. However, I also deal with the Investment Canada Act, which governs the review of foreign investment going into Canada. We've seen a number of changes under the Investment Canada Act as well. Bill C-34 recently received royal assent. It is not yet enforced, but I think it soon will be.
The issue with foreign investment is multifold. First, there's a great deal of regulatory uncertainty for foreign investors who are subject to the Investment Canada Act in terms of what will be required of them. The national security provisions of the act are quite broad and are being applied more broadly. I think there is a lack of transparency in what investors can expect, especially in areas that aren't traditionally thought of as related to national security. You can think of defence and the military, but increasingly we're looking at investments in critical minerals and critical infrastructure as being very important to Canada's national security. Those categories are getting very broad.
The pending amendments that will come into force shortly will implement a mandatory reporting regime for certain investments in critical areas for prescribed businesses that involve prescribed rights. However, those will all be defined by regulations, of which the business community and the bar have not seen any drafts. There's a great deal of uncertainty right now as to where the foreign investment regime is heading.
Separately, I know the Canadian government and a number of people working in the civil service at ISED and other investment-related arms are doing good work in reaching out to foreign entities that may have an interest in investing in Canada. I've worked with a number of clients who have been the subjects of that type of outreach and who have come to Canada. We've worked with them in that context, so I know that work is being done. However, I think the more clarity we can get around the new amendments to the Investment Canada Act, the better, from a foreign investment perspective.