Torys has one of Canada's leading foreign investment practices, with extensive experience in handling Investment Canada Act reviews before both the Investment Review Division and the Cultural Sector Investment Review directorate. Our services include
- advising non-Canadian clients on the application of Canada's foreign investment laws to acquisitions of Canadian businesses
- guiding those clients through the regulatory review process, including in the negotiation of binding undertakings with the Canadian government
- assisting with the preparation of post-completion compliance reports
Group members are also involved in the development of foreign investment policy, assisting clients with the preparation of submissions to governments and expert panels and actively participating in the Foreign Investment Review Committee of the Canadian Bar Association.
In the United States, Torys has significant experience with the foreign investment review process under the Foreign Investment and National Security Act of 2007 (FINSA), allowing for the seamless clearance of review processes on both sides of the border.
FINSA, which amended Section 721 of the Defense Production Act of 1950, a section commonly referred to as Exon-Florio, charges the president (through CFIUS, the Committee on Foreign Investment in the United States) with reviewing acquisitions of U.S. businesses by foreign persons, where national security is implicated. Torys has experience advising clients on the applicability of FINSA to their transactions, preparing FINSA applications and guiding clients through the FINSA review process. Torys also has experience interacting with representatives of CFIUS in covered acquisitions.
We have assisted many international clients in reviews in Canada and the United States, including clients from China, India, Russia and other parts of the former Soviet Union.