Yes, ownership and whether or not something is a state actor or is potentially influenced by a state actor is a factor that is considered in a national security review.
Reviews are holistic, so there's no definitive waiting. It depends on the nature of the transaction and the amount of equity that the particular investor has, as well as their overall influence on the company—whether they have board seats and things like that.
It would be difficult for me to say. There's a percentage weighting that a particular factor is given. It is a holistic review that is conducted in conjunction with Canada's security and intelligence partners as well as relevant departments and agencies. In the case of a natural resource transaction, that would be Natural Resources Canada. Together, as a community, we assess the transaction and all the relevant factors, including whether or not an entity would be state owned or state influenced.