Industry committee  The first thing I'll say is I'm not here on behalf of any client interests, Mr. Green—

Industry committee  The answer to your second question is that I don't know.

Industry committee  I'm not familiar with the pattern of transactions you've identified, but I will tell you that, initially, we only had one test in the Investment Canada Act, which was a net benefit test that ran, at that time, on the basis of asset-based thresholds. You only had a review process that would kick in if you had a deal that exceeded asset thresholds.

Industry committee  I'm going to finish my answer first. What we did was then put in the national security test to try to allow ourselves a chance to do transactions that were not dealt with under those asset thresholds. That's why we are where we are right now. I'm sorry. You had a follow-up question, Mr.

Industry committee  Yes.

Industry committee  I think after 25 years it's hard to give you a fast answer to that. There have been very large public deals that I have been involved in and also smaller ones that have just—

Industry committee  They range from $50 billion to smaller.

Industry committee  I have. I advised the Abu Dhabi Energy Corporation in I think the mid-2000s.

Industry committee  I think that is the million-dollar question. What I was referring to wasn't the IRA, but our agreement with the U.S. on critical minerals. However, I think the principle is the same. It goes a bit to what my colleague Mr. Hersh talked about in his remarks, which is that we have a system of foreign investment regulation that has a net benefit regime and a national security regime.

Industry committee  I think the caution that my colleagues have expressed in their comments is a valid one. It doesn't mean that we shouldn't have the power in there. I think the minister explained some of the circumstances the government is concerned about that would justify exercising that interim power.

Industry committee  I'm agnostic as to whether the ability to review the sufficiency of the list is in the act or the regulations. In the U.K. example I provided, it's actually in the regulations, not the act. For whatever reason, they chose to do that. I feel strongly that the list itself should remain a regulation.

Industry committee  I do not presently, but I could certainly send one to the clerk.

Industry committee  Mr. Chair and members of the committee, thank you for the invitation to appear this afternoon. I chair the competition and foreign investment practice at the Canadian law firm Borden Ladner Gervais LLP. My comments today are made in my personal capacity and not on behalf of the firm or its clients.