Natural Resources committee  As I noted, the threshold for the net benefit is a function of our World Trade Organization commitments and our international trade commitments, which is standard across all of our trading partners. As you noted, the acquisition of cultural assets is subject to a different threshold, which has been negotiated under our trade agreements as a function of the fact that the majority of those enterprises are usually of lower value but are understood to be important from the consideration of net benefit to Canadians.

Natural Resources committee  The net benefit threshold is a function of our World Trade Organization commitments, and it is consistent across our trading partners. Yes, any shift to the net benefit threshold would need to be contemplated in the context of our commitments.

Natural Resources committee  The foreign bank piece—and I'll turn to my colleagues, if they'd like to supplement—is a function of the fact that those are contemplated by our colleagues within the financial sector, who obviously have a different test for prudential and other risk perspectives. They consider those contemplations, which is why they're exempt from this particular filing but are obviously reviewed within the context of our financial institutional constructs.

Natural Resources committee  Yes. I'll start, and then I'll turn to my colleague. One of the outcomes we are seeking, obviously, is to ensure that we're remaining relevant to the current circumstances, so from time to time the minister provides increased clarity on what exactly we are aiming to achieve through the national security guidelines.

Natural Resources committee  I'm not in a position to outline any further information related to the ownership structure of the firm.

Natural Resources committee  I'm not in a position to reveal any further information related to the ownership structure of the firm.

Natural Resources committee  As I noted as part of my previous responses, Mr. Chair, ownership structure is one of the fundamental fields required under the Investment Canada Act. That was provided as part of this overall application.

Natural Resources committee  I believe the member is referring to two different aspects of the review of transactions related to this industry. The first is specific to the national security review, and the other is the review of the Competition Bureau with respect to transactions and whether this creates a significant lessening of competition.

Natural Resources committee  As I noted, Mr. Chair, this transaction was subject to the Investment Canada Act for the purposes of the national security review. It was not subject to a benefit assessment, as a function of the fact that it was an indirect acquisition. From a national security review perspective, this transaction was deemed to be able to proceed following the meaningful commitments made by the firm.

Natural Resources committee  Mr. Chair, I'm not in a position to respond to that question.

Natural Resources committee  I'll address two aspects of your question. First, just to touch on your previous question, it is worth noting that influence, ultimate control, control in fact and meaningful control are all factors that are extraordinarily important to the understanding of a given investment. They are obviously factors that are considered within the national security provisions of the act.

Natural Resources committee  As my colleague said, the companies' commitments under the Investment Canada Act are part of their annual report. This will ensure that the company will continue to comply with them.

Natural Resources committee  As I noted earlier, much of this is subject to the confidentiality provisions of the act. However, the company has agreed to publicly—

Natural Resources committee  If I could finish, Mr. Chair, I would note that, while much of this is subject to the confidentiality provisions of the act, we have the permission of the firm to reveal the commitments in this particular instance. They are as I have documented. I'm happy to ensure the committee has those.

Natural Resources committee  I'm not sure I understand the distinction.