Industry committee  I'm going to keep my response brief to say that an hour and a half does not do justice to the proposed amendments to the Investment Canada Act. There are still a number of questions that need to be considered regarding the drafting of the provisions, including the scope of the definition of “state-owned enterprise” and the potential retroactive application of the control-in-fact test.

Industry committee  No.

Industry committee  Thank you, Mr. Chair and honourable members. I only have two brief points to add to Mr. Facey's submissions, which I base on my experience of applying the Investment Canada Act in my practice. In the past we could give advice to a state-owned enterprise investor that its proposed investment of a 20% interest in a Canadian business could proceed unconditionally under the Investment Canada Act.