Industry committee  In that case, then, it would be a case-by-case analysis by the minister to determine whether it truly is influence or not. If you've got this whole chain and the foreign government is 10 rows back and it can only control or direct the actions of that one company, but then as you

Industry committee  One-third.

Industry committee  I hope not, but let me know if I'm not answering your question.

Industry committee  In the scenario you're discussing, it's a Canadian company purchasing or investing in another Canadian company, but the investing company that's Canadian is potentially influenced by a foreign SOE. In that case, the act, for a definition of SOE, would permit the minister to look

Industry committee  I would point out that the United States, as a clear example, has an non-exhaustive list. It's exhaustive in that it's very long, but it's non-exhaustive in that they can add more to it if they want to. I would argue that they don't have a clearly defined definition for “national

Industry committee  They're rejected because they don't meet the net benefit test from the cultural perspective.

Industry committee  In the cultural sector we understand the Minister of Canadian Heritage has rejected at least four transactions.

Industry committee  I don't think they're numbered in the bill.

Industry committee  What I will do then is stick to the substantive amendments. If I don't mention a clause or a subclause, it's because there were a number of changes that were simply technical changes, French-English concordance, that sort of thing. The definition of “state-owned enterprise” was

Industry committee  Sure, I'd be happy to do so. As mentioned, there are six net benefit criteria set out specifically in the act. The first is the effect of the investment on the level and nature of economic activity in Canada, including the effect on employment, on resource processing, and on t

Industry committee  There's no limitation on a Canadian company that's not a Canadian company being sold.

Industry committee  Yes, sure. Your question is, how will a small Canadian investor buying shares on the TSX, for example, in a Canadian company know whether that Canadian company is Canadian or not? Is that the question you're asking?

Industry committee  Then the response here would be that they may not know. They may not know until later, but whether this is the way it is or not in the act, they wouldn't know either. The only way there is a potential loss is if there was an attempted takeover of that Canadian company by a foreig

Industry committee  How would that impact their investment? I'm sorry—

Industry committee  The calculation is done when a transaction or investment is made. The threshold tells the companies whether they need to make a notification under the act, which is simply advising the government that a transaction is occurring. Alternatively, if they're over the threshold, then