The Investment Canada Act is designed to ensure that significant foreign investments are of "net benefit to Canada". The Act applies to all non-Canadians planning to commence a new business activity in Canada or acquire control of an existing Canadian business. Reviewable transactions involve the consideration of a wide range of economic factors such as employment, investment and exports, as well as inputs from other relevant government agencies including the Competition Bureau (which may also conducts its own reviews under the merger provisions in the Competition Act). Special rules apply to investments in sensitive business sectors including cultural industries, which are the responsibility of the Department of Canadian Heritage rather than Industry Canada, uranium, financial services and transportation. A number of exemptions and special rules apply to investments in certain business sectors, such as financial services and transportation. Investments relating to Canada's cultural identity or heritage are the responsibility of the Department of Canadian Heritage. All other investments are Industry Canada's administrative responsibility.

The Investment Canada Act is complex and the review process can be time-consuming. McMillan Binch Mendelsohn has one of Canada's foremost foreign investment practices, with extensive experience in handling reviews before both Industry Canada and the Department of Canadian Heritage.We advise clients on the Act's application to proposed business transactions, guide clients through the regulatory review process and assist with compliance reports on undertakings.

	Representative Transactions/Cases
			Represented Diageo in its joint acquisition with Pernod-Ricard of the Seagram beverage alcohol business
			Cleared several transactions in the book publishing and distribution sector
			Assisted a multinational electronics conglomerate to acquire a large Canadian equipment/controls manufacturer
			Advised on Bank Act and other exemptions which shielded numerous transactions from review
			Obtained ministerial opinions regarding non-reviewability on various matters from both Industry Canada and the department of Canadian Heritage
			Acted for a U.S. purchaser of Canadian vehicle manufacturing plants

	Publications / Presentations
	June 2005 National Security Review of Foreign Investments to be Introduced in Canada Foreign Investment Bulletin A. Neil Campbell
	January 2004 Foreign Investment Review under the Investment Canada Act CILS Foreign Investment and Doing Business Abroad Conference
	May 2002 Investing in Canada? Don't Forget About the Investment Canada Act