Industry committee  Did you say a Canadian investor?

Industry committee  They won't know. A Canadian investor will not know specifically. Matt, do you want to jump in?

Industry committee  Well, the uncertainty would exist in the other direction as well. If a Canadian made an investment in what he or she believes is a Canadian-owned and operated company, and, in fact, it turns out that through a de facto control test the company is not owned and controlled, then it

Industry committee  That's a strong rationale for that policy change being done.

Industry committee  The de facto power didn't exist for the net benefit test. It's a new authority for that portion of the act. As I mentioned, it already exists for cultural industries. It's quite specific in the cultural businesses sector, because there's often an obligation on the companies in or

Industry committee  Sure. First, I'll go through some of the factors. We do have a list. The analysis would resemble an undertaking in support of other federal legislation. I just want to underline that this isn't a type of analysis that's done in support of other pieces of legislation, including th

Industry committee  Yes, so if they were still within the threshold and were acquiring a controlling share, or if the minister at the end of de facto control determined that they were taking control, they would be reviewed under the act. The provisions in the SOE guideline would be maintained as wel

Industry committee  Matt is looking up the technical definition at this point. But it's to get a better market approximation of the value of the company versus a book value. So, for example, company assets like intellectual property would not necessarily be captured in the asset value but would be

Industry committee  In terms of the actual mechanics, the proposal is to go back about two months and look at a period of 20 days prior to the bid because you don't want to have a case whereby the bid results in an increase. Market prices jump because of a bid in an acquisition, as often happens, so

Industry committee  Thank you very much for the question. Before we turn to the enterprise value, I want to be clear that for national security there is no threshold, so at no point does anything change around the requirement that all transactions be considered from a national security perspective

Industry committee  Yes, that's exactly what we did. We did an analysis based on past reviews. The threshold increase to $600 million in enterprise value would reduce the number of reviews, by our estimate. This is looking back. We looked back over about four years of reviews. We manually, ourselve

Industry committee  If I understand you correctly, you're asking in the case of the oil sands about the nature of the exceptional circumstances the Prime Minister elaborated on.

Industry committee  To be clear, the Prime Minister spoke on behalf of the government at length on this last December. He did not say under what exceptional circumstances a transaction would be approved. This had been left to the discretion of the minister. He did note, and I would echo it here, t

Industry committee  I would take issue with the characterization of the application of the act as “rubber-stamping”. No transactions are rubber-stamped. It's a careful analysis. There is a set of consultations outside of government, and also with the investor.

Industry committee  For sure. I would argue that the definition is actually not unclear. The government announced and published, as part of the state-owned enterprise guidelines in the fall, an updated definition of what a state-owned enterprise is. It's contained in the bill and is spelled out ver