Industry committee  Yes, I think there has been a bit of a slowdown in terms of the M and A activity. I don't think it's a result of changes in our foreign investment law that have come out, or our perspective, or the decisions that were made in December. I think it's probably reflective more of the global economic climate.

Industry committee  I haven't sought that from the government and I don't believe we've seen that, although there has been an increased use of guidelines, I'd say in the last 12 months, from investment review.

Industry committee  I won't give away all the company secrets about how to restructure transactions. You're quite right. Every time there's a law, there's always a host of lawyers trying to figure out ways to structure things, whether it's tax, competition, investment, different kinds of laws. This law is pretty difficult to get around.

Industry committee  No. I usually charge for that.

Industry committee  I'm not so sure the law, as it was, created a whole lot of loopholes. As I said, there is this anti-avoidance section that prevents you from structuring around the entire act. I do think this amendment makes that even more clear. In that sense, I do think it makes it more difficult.

Industry committee  No.

Industry committee  Thank you, sir. That's an excellent question. I appreciate your comments on the CBA letter. I think the key point on uncertainty is that there are a number of new phrases introduced. Whether a company is influenced or directed by a foreign state is a new concept; it's not defined.

Industry committee  Thank you for your question. I think it would benefit from an amendment to section 37, where we talk about the minister being able to give an advisory opinion. It would be better if the minister was required to do so, or the alternative amendment is to provide for a non-binding advisory opinion.

Industry committee  Thank you, Mr. Chairman and honourable members. You introduced me at the beginning. My name is Brian Facey, and I'm the chair of the Canadian Bar Association's national competition law section and co-chair of Blake, Cassels & Graydon's competition and foreign investment group. I speak to you from a lawyer's perspective as to how the legislation will work, having done this in these kinds of transactions over a 20-year period.