One advantage of these amendments would be the institution of the categories of businesses for which preclosing notification will be required. Many of the panellists have discussed in this session and previous sessions the very broad jurisdiction of the ICA to require mandatory filings, but they're not necessarily preclosing.
If you are an investor, perhaps a state-owned enterprise that is aware of the current policy suggesting that investment by state-owned enterprises will receive additional scrutiny, or if you're a private enterprise investing in a Canadian business that may be involved in a potentially sensitive sector, then the calculus for you is that you have to make a filing. It can be made either prior to the closing of the transaction or following the transaction. If you make a filing prior to the transaction, then you have to assess the probability that you'll be called in for a review. You might see a significant delay because the process can be 200-plus days long. It's often this balancing act of the timing for the transaction and the value we're hoping to create for the transaction.
When we're representing Canadian businesses, it's about when they can achieve their return on investment in setting up this company by selling to an investor. Is there going to be a significant delay or potentially a remedy? We enter into this difficult calculus. We all know a filing has to be made and of course that obligation is going to be complied with, but when are we going to make it?
I think setting out a specific number of types of transactions and types of businesses for which that preclosing filing must be made will make that calculus much simpler for a lot of our clients. I think that's one major benefit.
I would observe, though, that this bill doesn't change the jurisdiction or the types of transactions that the minister can ultimately review. It changes the timing and the ease with which the minister can identify those transactions. I think that's a useful change. I don't have the concern that we're suddenly going to be missing a whole category of transactions if this bill doesn't pass. Those will still be covered. It's just about when they come to the attention of the minister and what can be done in that case.