Vol. 149, No. 6 — March 25, 2015
SI/2015-21 March 25, 2015
ECONOMIC ACTION PLAN 2013 ACT, NO. 1
Order Fixing the Day after the Day on which this Order is Made as the Day on which Certain Provisions of the Act Come into Force
P.C. 2015-304 March 12, 2015
His Excellency the Governor General in Council, on the recommendation of the Minister of Industry and the Minister of Canadian Heritage, pursuant to section 154 of the Economic Action Plan 2013 Act, No. 1, chapter 33 of the Statutes of Canada, 2013, fixes the day after the day on which this Order is made as the day on which sections 138 to 141 and subsection 142(1) of that Act come into force.
(This note is not part of the Order.)
This Order fixes the date on which various provisions of the Economic Action Plan 2013 Act, No. 1 (EAP 2013), which amend the Investment Canada Act (ICA), come into force.
Pursuant to section 154 of the EAP 2013, the Governor in Council fixes the day after the day on which this Order is published in the Canada Gazette, Part II, as the day on which sections 138 to 141 and subsection 142(1) of the EAP 2013 come into force.
The other sections of Division 6 of Part 3 of the Act (sections 137, 146 to 148, and 150) require the development of regulations and will come into force on a day or days fixed by order of the Governor in Council.
This Order brings into force amendments made to the ICA in the EAP 2013 to allow for the extension, where necessary, of timelines associated with national security reviews, and the time period to complete a net benefit review following the completion of a national security review.
The purpose of the ICA is twofold: (1) to review significant investments in Canada by non-Canadians to determine whether they are likely to be of net benefit to Canada; and (2) to provide for the review of investments that could be injurious to national security.
On December 7, 2012, the Government clarified its approach to foreign investments, particularly by state-owned enterprises (SOEs), and introduced targeted improvements, such as the SOE Guidelines; the threshold for net benefit reviews of investments by SOEs under the ICA; and the timelines available to conduct national security reviews of investments that are subject to the ICA.
The amendments introduced in the EAP 2013 support this reform. This Order in Council brings into force the provisions of the Act which enable the Minister of Industry to extend national security review timelines, as prescribed in the ICA and the related National Security Review of Investments Regulations. This Order also brings into force amendments to extend the time period for the Minister to complete a net benefit review following the completion of a national security review from 5 days to 30 days, and to allow for any further extension of this period with the mutual agreement of the Minister and investor.
These amendments are intended to allow the Government more time, when necessary, to conduct national security reviews and ensure it is protecting Canadian interests.
Since 2007, the Government has been updating the ICA to adapt to a changing economic and national security environment. The targeted improvements help Canada attract beneficial investment that promotes growth, creates jobs and is aligned with Canada’s economic and national security interests.
There are no financial implications to the Government associated with this Order in Council.
Targeted consultations with Canadian national security experts were held both before and after the December 7, 2012, announcement which clarified the Government’s approach to foreign investments, particularly by SOEs.
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