Evidence of meeting #76 for Industry, Science and Technology in the 44th Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was cfius.

A recording is available from Parliament.

On the agenda

MPs speaking

Also speaking

Laura Black  Senior Counsel, As an Individual
Kate McNeece  Partner, Competition, Antitrust and Foreign Investment, McCarthy Tétrault LLP, As an Individual
Christian Paradis  Lawyer and Former Minister, As an Individual
Bob Fay  Managing Director, Digital Economy, Centre for International Governance Innovation
Tim Gilbert  Managing Partner, Gilbert's LLP

5:30 p.m.

Senior Counsel, As an Individual

Laura Black

I don't have much to add to what the other panellists shared.

I would say that, for example, when CFIUS conducts its review, although it would look to see if companies follow prescribed standards, in part to determine if they're trustworthy, it can look at issues beyond standards that may be set for different reasons. For example, privacy standards may be to protect individuals as opposed to protecting national security. It may be one thing that CFIUS considers, but certainly, CFIUS looks beyond that.

5:30 p.m.

Liberal

Viviane LaPointe Liberal Sudbury, ON

Thank you.

Does anyone else want to comment?

5:30 p.m.

Partner, Competition, Antitrust and Foreign Investment, McCarthy Tétrault LLP, As an Individual

Kate McNeece

I wouldn't mind commenting, if that's all right.

I think this is a really important question. In my experience, the minister, when reviewing investments, will look at intellectual property and tangible assets. I know that he will consult with other areas of government on that question to get their perspectives. I think that's an important part of the process that will lead to the protection of these types of assets.

On your point about legislating into the future rather than into the past, I think this is one argument for the importance of deciding very carefully which aspects of this process are going to be set out in the legislation and which ones are going to be set out in the regulations that are associated with the legislation—the regulations being a lot easier to update.

Something like the prescribed categories of business, for example, I think is well placed, as some of my colleagues have said in previous committee meetings, in the regulations and the guidelines so that those can be nimble, flexible and updated, both to address new issues that are arising in the complex threat environment that Canada faces and to continue to inform potential investors and Canadian businesses about which areas are of great importance to the Canadian government.

5:30 p.m.

Liberal

The Chair Liberal Joël Lightbound

Thank you very much, Madame Lapointe.

This concludes our last round of questions.

I want to thank the witnesses with us for taking the time today. This is our last meeting on Bill C-34 before we head to clause-by-clause, so your words will be with us as we go to study the bill in depth and clause by clause.

Thank you very much.

With that, the meeting is adjourned.