I would just say, really to try to put the Investment Canada Act process in a nutshell, that there are three phases. There's an initial phase of national security review, which must take place within 45 days of notification of the investment. Following that initial phase, questions, such as whether an investment poses any potential national security risk, can be raised. The language the government officials use is to ask whether this investment could be “injurious to national security”.
After that initial 45-day period, the Investment Canada Act allows for an additional 45-day period, to continue to scrutinize an investment under that same kind of heading of whether it could be “injurious to national security”. What triggers that, under section 25.2, is an exchange of letters between the public safety minister and the ISED minister.
At the end of that potential two-phase process, the ISED minister, in consultation with the public safety minister, needs to decide whether to go to a full national security review, which can provide the agencies with much greater time to scrutinize an investment and ultimately come up with a determination of whether an investment would be injurious to national security.
I hope that is helpful. There is a could-be-injurious phase and there is a would-be-injurious phase, which is ultimately determined through a formal national security review.