C-34
National Security Review of Investments Modernization Act
Details
- Full Title
- An Act to amend the Investment Canada Act
- First Reading
- December 7, 2022, Parliament 44, Session 1
- Type
- House Government Bill
- Full Content
- https://www.parl.ca/legisinfo/en/bill/44-1/c-34
Summary
The National Security Review of Investments Modernization Act (Bill C-34) amends the Investment Canada Act to modernize the review process for investments that could be harmful to national security. It focuses on investments made by non-Canadians and state-owned enterprises. Key changes include requiring advance notice for certain investments, giving the Minister of Industry the power to impose temporary conditions on investments being reviewed, and mandating further review in some cases. The bill also allows companies to make written promises to address national security concerns, protects sensitive information during legal challenges, and allows the Minister to share information with other countries for investment reviews. Additionally, the bill establishes penalties for failing to provide required investment notices or applications, and it increases penalties for other violations of the Act.
Issues
This bill was not summarized into specific issues.