Industry committee  After the undertakings are negotiated and the deal has been approved, in a lot of cases, particularly high-profile cases, there will be the issuance of a press release that will contain a high-level summary of the undertakings. The question is, what level of detail do you provide?

Industry committee  The 45 days I was referring to was the period of time within which the minister issues an opinion under the act. An opinion is not a decision; an opinion relates to an interpretation issue, such as what the Investment Canada Act covers, because there have been inconsistencies in how Industry Canada has interpreted that over the years.

Industry committee  No.

Industry committee  Do you mean on the Investment Canada Act?

Industry committee  I don't know; it's over 100.

Industry committee  Generally foreign investors look to people who are involved in the area, so it would help to give counsellors--foreign investment lawyers--the information they need to quell any anxiety that an investor might have that a transaction or investment they are about to make would be halted for any reason.

Industry committee  Can I interrupt for one minute? I don't have translation. I actually can, probably, but I may not perfectly understand....

Industry committee  Yes, I'm going to put it up a little bit.

Industry committee  The investment review process requires that the investor go through a back-and-forth discussion with the government, figuring out what commitments they will make to the government. Through that process the investor is making its case for why the investment is good for Canada. It's not as if the act has done nothing.

Industry committee  There was also the MDA-ATK deal that was refused in 2008, but I think the PotashCorp decision was surprising for the foreign investment community. It wasn't expected within the bar that I practise in with Investment Canada practitioners. On the other hand, when I describe that transaction to my clients and in discussions with colleagues, we are able to see that in some ways it may be the exceptional transaction.

Industry committee  Yes.

Industry committee  Well, I'd like to see what I've pointed out here. I'd like to see explanations for why transactions were approved or disapproved, particularly why—

Industry committee  Yes.

Industry committee  That was before PotashCorp.

Industry committee  The amendments were brought in March 2009. There were draft regulations issued in the first week of July 2009. I was chair of the foreign investment review committee at the time, and the CBA provided comments by the deadline, which I think was August 31, 2009. I understand it went back to the government, and nothing has really happened since.