I think we're unusual in the current Investment Canada Act. We don't have significant penalties, and the penalties come only if you continue not to comply. I think penalties that are of the correct magnitude are a very important tool for ensuring compliance with a regime like this, and they need to be calibrated.
For example, it's inappropriate I think to heavily punish somebody for failing to file when it clearly was accidental versus potentially deliberate. I believe it may be appropriate to have a bit of a grace period before you start to impose penalties for failing to make a premerger filing.
I think penalties and making sure they are sufficiently large are an important piece of having a robust regime and having some teeth to it to ensure that people behave in the way we want them to.