Fisheries committee  Your point about restricting licences is not something that would fall within the remit of the Investment Canada Act, but what I can say regarding reputational risk is that Canada is seen as a preferred destination for foreign investment, and that's partly because we have a secure marketplace.

Fisheries committee  Our department, in the administration of the Investment Canada Act, works with a variety of different partners to gather intelligence to assess risk, and so, as you noted, investments below a particular threshold would not be subject to a net benefit review, but all would be subject to a national security review.

Fisheries committee  Sure thing. Under the Investment Canada Act, we review investments on a case-by-case basis. The facts of each case are assessed and carefully considered. We look at whether investments are beneficial to Canadians or whether, alternatively, they can lead to national security risks in the context of beneficial ownership.

Fisheries committee  Thank you very much for the question. I would note two things. Yes, the Minister of Innovation, Science and Industry, in consultation with the Minister of Public Safety, has the ability to review any investment in Canada on grounds of national security. The second piece I would flag for you is simply that the net benefit provisions of the Investment Canada Act kick in only in the event that an investment is above a particular monetary threshold.

Fisheries committee  My understanding is that each province has the remit to review investments, and we consult regularly with our provincial and territorial partners. I would suggest that the provinces, territories and other partners have the ability to review and assess investments in their jurisdictions.

Fisheries committee  I'm not sure you're going to like my answer either. My responsibility is to help administer the Investment Canada Act, which governs the review of inbound foreign investments, such as investments that have already taken place or that are below a particular monetary threshold and have not triggered a net benefit review.

Fisheries committee  Perhaps I would supplement as well, Mr. Chair, by noting that with the introduction of a wholesale approach to block certain types of investment, there would be reputational risks to Canada as a location for inbound foreign investment across multiple sectors. Ultimately the goal is to ensure that Canada is seen as an open destination for foreign investment, and blocking beneficial ownership sales could have certain reputational effects for Canada.

Fisheries committee  I think that would veer into personal opinion rather than my role as a regulator. I'm not sure. I'm sorry.

Fisheries committee  Perhaps I can supplement that. The Investment Canada Act has two components: We review significant foreign acquisitions of control and we review foreign investments for national security injury. Given the specific application of the act, the Investment Canada Act ought to be viewed as one of many tools in a tool box to address foreign ownership challenges in fisheries.

Fisheries committee  If I could add to that, under the Investment Canada Act, all foreign investments are reviewed on a case-by-case basis. The facts of each case are assessed and carefully considered—

Fisheries committee  It can certainly be interpreted as that, yes.

Fisheries committee  Thanks for the question. I'm not sure I have the ability to answer that question. We don't really look at it in those terms.

Fisheries committee  We engage on a regular basis with a number of different partners across the Government of Canada to identify areas of most significant import to our national security. These partners can include security and intelligence agencies as well as Natural Resources Canada, Transport Canada and other like parties.

Fisheries committee  I'll refer this question to my colleague Ms. Melia.

Fisheries committee  Wonderful. I'll be very brief. Thank you very much. Good afternoon. My name is James Burns. I'm the director responsible for the Investment Canada Act at ISED. We administer the Investment Canada Act on behalf of the government. It's a pleasure to be here to support your important study on foreign ownership and corporate concentration in fishing licences and quota.