There are two types of processes under the Invest in Canada Act that foreign investors may have to go through.
One is what we call a net benefit test, which is for certain investments that exceed financial thresholds. They need to go through a preclosing review and approval process. That typically involves providing undertakings to the relevant minister. There are two categories here. The reviews of non-cultural investments are done by the Minister of Industry. The reviews of cultural investments are done by the Minister of Canadian Heritage.
There can be some uncertainty in what undertakings will be required to demonstrate that an investment is of net benefit to Canada. It tends to be an iterative process. It involves consultations with a number of stakeholders.
The way the process is set up is that you deal with the civil service agency that then speaks to the decision-maker, rather than discussing directly with the decision-maker. There can be a bit of friction in that process, just naturally.
The other is the one I referred to previously, which is the national security process. I think the greatest uncertainty there is that while we have guidelines as to how those provisions will be applied, there is a new mandatory regime that will be coming into force. However, the scope of that application and the timing of those rules is right now completely uncertain. That is also causing uncertainty for some of our clients.