C-34 44th Parliament, 1st session November 22, 2021, to present
An Act to amend the Investment Canada Act
Short title:
National Security Review of Investments Modernization Act
Bill type
House Government Bill
Summary
Current status
At second reading in the House of Commons
Latest activity
Debate at second reading on March 31, 2023 (House of Commons)
Progress
House of Commons
End of stage activity
Introduction and first reading, December 7, 2022
Chamber sittings
| Sitting date | Debates (Hansard) |
|---|---|
December 7, 2022 |
Chamber sittings
| Sitting date | Debates (Hansard) |
|---|---|
February 3, 2023 |
|
February 6, 2023 |
|
February 8, 2023 |
|
February 17, 2023 |
|
March 31, 2023 |
Consideration in committee
Not reached
Report stage
Not reached
Third reading
Not reached
First reading
Not reached
Second reading
Not reached
Third reading
Not reached
Details
Recorded votes
House of Commons
There are currently no recorded votes for this bill.
Senate
To view the complete list of standing votes that have taken place in the Senate, please refer to the Votes page of the Senate of Canada website.Speaker's rulings and statements
There are currently no Speaker's rulings and statements.
Major speeches at second reading
House of Commons
| Speech date | Speech | Member of Parliament |
|---|---|---|
| February 3, 2023 | Sponsor’s speech(Sitting 153) | François-Philippe Champagne (Liberal) |
| February 3, 2023 | Response speech(Sitting 153) | Rick Perkins (Conservative) |
| February 3, 2023 | Response speech(Sitting 153) | Sébastien Lemire (Bloc Québécois) |
| February 3, 2023 | Response speech(Sitting 153) | Brian Masse (NDP) |
About
Legislative summary
A legislative summary is currently being prepared for this bill by the Parliamentary Information, Education and Research Services of the Library of Parliament. Meanwhile, the following executive summary is available.
On 7 December 2022, the Minister of Innovation, Science and Industry introduced Bill C-34 An Act to amend the Investment Canada Act (National Security Review of Investments Modernization Act), and it was given first reading.
Bill C-34 amends the Investment Canada Act to, among other things,
(a) require notice of certain investments to be given prior to their implementation;
(b) authorize the Minister of Industry, after consultation with the Minister of Public Safety and Emergency Preparedness, to impose interim conditions in respect of investments in order to prevent injury to national security that could arise during the review;
(c) authorize the Minister of Industry to make an order for the further review of investments under Part IV.1;
(d) allow written undertakings to be submitted to the Minister of Industry to address risks of injury to national security and allow that Minister, with the concurrence of the Minister of Public Safety and Emergency Preparedness, to complete consideration of an investment because of the undertakings;
(e) introduce rules for the protection of information in the course of judicial review proceedings in relation to decisions and orders under Part IV.1;
(f) authorize the Minister of Industry to disclose information that is otherwise privileged under the Act to foreign states for the purposes of foreign investment reviews;
(g) establish a penalty not exceeding the greater of $500,000 and any prescribed amount, for failure to give notice of, or file applications with respect to, certain investments; and
(h) increase the penalty for other contraventions of the Act or the regulations to the greater of $25,000 and any prescribed amount for each day of the contravention.
On 7 December 2022, the Minister of Innovation, Science and Industry introduced Bill C-34 An Act to amend the Investment Canada Act (National Security Review of Investments Modernization Act), and it was given first reading.
Bill C-34 amends the Investment Canada Act to, among other things,
(a) require notice of certain investments to be given prior to their implementation;
(b) authorize the Minister of Industry, after consultation with the Minister of Public Safety and Emergency Preparedness, to impose interim conditions in respect of investments in order to prevent injury to national security that could arise during the review;
(c) authorize the Minister of Industry to make an order for the further review of investments under Part IV.1;
(d) allow written undertakings to be submitted to the Minister of Industry to address risks of injury to national security and allow that Minister, with the concurrence of the Minister of Public Safety and Emergency Preparedness, to complete consideration of an investment because of the undertakings;
(e) introduce rules for the protection of information in the course of judicial review proceedings in relation to decisions and orders under Part IV.1;
(f) authorize the Minister of Industry to disclose information that is otherwise privileged under the Act to foreign states for the purposes of foreign investment reviews;
(g) establish a penalty not exceeding the greater of $500,000 and any prescribed amount, for failure to give notice of, or file applications with respect to, certain investments; and
(h) increase the penalty for other contraventions of the Act or the regulations to the greater of $25,000 and any prescribed amount for each day of the contravention.
Similar bills
No similar bills were introduced during previous sessions or Parliaments
Departmental information
Press releases
Background information
From the Library of Parliament
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