The transitional provision states that the new amendments will apply to investments undergoing the national security review process on or after the day on which clause 15 comes into force, unless the investment has been referred to the GIC under paragraph 25.3(6)(a) already, or the non-Canadian has received a notice indicating that no further action will be taken for the investment per paragraph 25.3(6)(b). Further, for investments where a notice under subsection 25.3(2) of the former act has been sent before clause 15 comes into force, the minister shall send to the non-Canadian and Canadian business or entity a new notice under proposed subsection 25.3(2) of the new act, which will replace the old notice. The review timeline for these investments will be extended or reset by virtue of clause 15 coming into force.
Overall, the transitional provisions allow the minister's new authority to accept undertakings and impose interim conditions as described in clause 15 to apply to investments that are currently subject to the extended national security review under the unamended ICA without disrupting review timelines or inadvertently allowing an extension of review timelines.