Industry committee  Once the definition of enterprise value is set, effectively, if the business enterprise value is below the threshold, it would not be reviewable.

Industry committee  I will--

Industry committee  Maybe I can turn to my colleague.

Industry committee  I would invite committee members to turn to section 36 of the Investment Canada Act, on page 38. Essentially, it refers to what we're talking about today--confidential information--but it's actually privileged information. The act contains, under subsection 36(1), the main confidentiality provision, which essentially says: ...all information obtained with respect to a Canadian, a non-Canadian, a business or an entity...by the Minister or an officer or employee of Her Majesty in the course of the administration...of this Act is privileged and no one shall knowingly communicate or allow to be communicated any such information or allow anyone to inspect or to have access to any such information.

Industry committee  Yes.

Industry committee  There are six factors, and those are the factors the Minister must consider.

Industry committee  There are only six factors that apply under the act, and they apply to any transaction that is subject to review. Those are the six factors listed in section 20 of the act.

Industry committee  I want to make a clarification. Only one transaction was rejected. In the second case you are referring to, the investor withdrew its application. So there has been only one transaction rejected under the act. With respect to your question about what determines whether a transaction is approved or not, it's done on a case by case basis.

Industry committee  The first time was with U.S. Steel.

Industry committee  Yes.

Industry committee  Sure. So to the extent that you might provided with an act, the enforcement provisions are sections 39 and 40. Essentially, where an investor has implemented an investment subject to the act, as per section 25—I was referring to it earlier—the investor must provide the information that is requested by investment review officials.

Industry committee  I said a little earlier that there was a provision in the legislation, and under it, over a four-year period, the threshold could rise to $600 million, first, and second, two years later, $1 billion. That provision is not in force at present.

Industry committee  I wouldn't want to speculate on what the impact of such a change will be, given that the definition of what will be considered in the enterprise value will be an important factor. The definition of enterprise value still has to be established.

Industry committee  Mr. Bouchard, you have asked similar questions about specific cases before. Given that I am not free to discuss the effect of a specific transaction, I would invite you to read section 20. I think everyone has received a copy of the act. Section 20 talks about six factors that the minister shall and may consider.

Industry committee  What is considered is the role of Canadian participation.