Industry committee  Notifications are made public. Correct.

Industry committee  Are you asking if we had no investment review regime, how would that have affected investments in Canada?

Industry committee  Yes. There's been only one transaction that's been rejected under the Investment Canada Act.

Industry committee  First of all, there's a high degree of commercial confidentiality around the transaction, and that would be heightened in the case where there was a national security consideration being raised. It would be unlikely that either the investor or the Canadian business would have an incentive to make public the fact that it was the subject of a national security review or that national security considerations were dealt with in the context of a review of a transaction.

Industry committee  You need to look at what the elements of the act are and what they provide. The national security provision permits the government to review from a national security perspective and make a determination whether or not and then mitigate if there are any national security considerations.

Industry committee  I don't have specific examples I can provide on that.

Industry committee  There's no reporting on national security under the provisions of the act.

Industry committee  In terms of the potash one that was mentioned earlier in discussion, a section 23 notice was sent by then Minister Clement to the investor advising them that they had a 30-day period within which they could make.... He was basically signalling that he wasn't convinced it was of net benefit, but he provided them with a 30-day window during which they could make representations and change his decision.

Industry committee  Correct. There are also undertakings. On the cultural side, there have been others. We don't administer the cultural side of the act at Industry Canada, so I'm much less familiar with it. But this is correct.

Industry committee  There's nothing explicit on that.

Industry committee  It's based, as I said, on a backcasting. It's looking at three or four years of transactions and then playing out with an economic model what the drop-off would be in the number reviewed had the billion-dollar threshold been in place in the past.

Industry committee  Yes.

Industry committee  I can't answer that question.

Industry committee  It's a national security process. To my knowledge, that information is not readily available. I can't commit to bring back something that I wouldn't be able to make public.

Industry committee  No. The government brought forward measures to strengthen enforcement in the previous budget implementation act, not in the current one.