Industry committee  No, the annual report is meant to provide a summary overview of where investments are originating from and the value of foreign direct investment that's notified to the government each year.

Industry committee  That's correct. In my experience, on all national security files, there's a request for a list of the target company's intellectual property, which is reviewed and assessed.

Industry committee  I'm not aware of any, but Canada does have a public registry of patents, trade and trademarks, which anybody can freely look up on the Internet.

Industry committee  While my position is that the ICA regime is working well and investors are approaching the government preclosing on a voluntary basis, we could look to the model that the Americans piloted in 2018 and adopted in February 2020, which requires that certain types of investments rega

Industry committee  It's a great question. The Investment Canada Act is actually working quite well at the moment. It does cover, at least on the national security side, the vast, vast majority of investments in Canada. I do agree there are situations that may not be covered by the Investment Canad

Industry committee  That's correct. The Investment Canada Act also provides extensive penalties for investors who do not comply. They can be forced to sell their investment at no minimum price. There are fines of $10,000 per day for each violation, and that's in addition to all of the other provinci

Industry committee  Thank you very much, Mr. Longfield.

Industry committee  I do. Thank you very much, Mr. Longfield. One of the risks of having blanket rules is that we don't always see what the unintended consequences of those rules might be. For example, Canada is still quite reliant on other countries for PPE, and we are co-operating with other nati

Industry committee  Yes. In fact, I appeared before this very committee in 2013 to discuss the changes to the SOE—

Industry committee  Sure. Thank you very much, Mr. Masse. You know, we've had a national security process in place now for about 11 years, and the process has actually worked quite well. The government has issued repeated guidance to investors to come in early when they have transactions that raise

Industry committee  I've been told that more than half of investments are pre-notified before closing, but that's a figure you should try to obtain from the investment review branch because they track that information. It's not available publicly, but they would have that information if you require

Industry committee  Thank you very much. I agree with Mr. Wakil that the government has done a good job increasing transparency, particularly through the annual report. In my experience, however, investors are told very little about what specific national security concern their investments raise. T

Industry committee  Absolutely. Even during the case-specific process, additional transparency measures would help so that the investors know whether the outcome is looking promising or the outcome is just not going to work in their favour. To drag investors through a 200-day process only to tell th

Industry committee  Thank you very much, Madam Chair and honourable members. I'm grateful to be here to present evidence this morning. I am appearing on behalf of myself and my partner, Brian Facey, who's the chair of the competition, antitrust and foreign investment group at Blakes, but who is unab