It was last week.
Bill C-34 does not provide exceptions for the national security review for Canadian allies. The rationale is that several witnesses expressed concerns that a national security review process could harm legitimate foreign direct investments. Specifically, witnesses like Subrata Bhattacharjee highlighted the impact that an overly broad review process could have of holding up important acquisitions and potentially scaring off legitimate investors. The concern becomes more prevalent if some of our other amendments succeed, specifically some of those that seek to broaden the national security review process.
Because Canada's national security interests are aligned with those of members of the Five Eyes intelligence alliance, there is no need to impose additional regulatory burdens on allied state-owned enterprises for purposes of national security. Further, consideration should be given to the considerable economic ties between Canada and its allies and the impact the review process could have on trade.
In light of these concerns, this amendment seeks to provide an exemption to national security review processes for state-owned enterprises from the Five Eyes intelligence alliance countries.