Introduction On October 18, 2013, Canada and the European Union (“EU”) reached an agreement, in principle, on a Comprehensive Economic and Trade Agreement (“CETA”); this will be the first free trade agreement between the EU and a G8 country. CETA covers most aspects of the Canada-EU bilateral economic relationship, including trade in goods and services, investment, and government procurement.
On October 7, 2013, the Canadian Government blocked the proposed acquisition of Allstream Inc. (“Allstream”), a subsidiary of Manitoba Telecom Services Inc. (“MTS”), by Accelero Capital Holdings (“Accelero”). Accelero is an investment firm co-founded by Egyptian billionaire Naguib Sawiris, who was a key investor in the 2009 launch of Wind Mobile, one of Canada’s wireless telecommunications providers.
Editor’s Note: After the article was written, an announcement was made that Blackberry had signed a provisional agreement to sell its business to a group led by Fairfax Financial Holdings Limited, a Canadian entity. However, during the due diligence period, Blackberry may still actively solicit, receive, evaluate and potentially enter into negotiations with parties that offer alternative proposals. As a result, Blackberry may still solicit offers from foreign purchasers.
Overview On August 15, 2013, the Ontario Superior Court of Justice found Mr. Nazir Karigar guilty of violating the Corruption of Foreign Public Officials Act1 (“CFPOA”). At the time of the decision, the CFPOA had already been amended by the Fighting Foreign Corruption Act2 (“FFCA”), which received Royal Assent on June 19, 2013. However, the conduct that led to Mr.
Background As a member of the Organization for Economic Co-operation and Development (“OECD”), Canada signed the Convention on Combating Bribery of Foreign Public Officials in International Business Transactions (the “OECD Convention”) on December 17, 1997.
Introduction As previously reported1, on December 7, 2012, the Government of Canada (the “Government”) approved the proposed acquisition of Progress Energy Resources Corp. by PETRONAS, and the proposed acquisition of Nexen Inc. by the China National Offshore Oil Company (“CNOOC”), pursuant to the Investment Canada Act2 (“ICA”).
Overview In the United States, both the Department of Justice and the Securities and Exchange Commission place a premium on the self-reporting of U.S. Foreign Corrupt Practices Act1 (“FCPA”) violations, cooperation with the authorities, and the implementation of an effective anti-corruption compliance program.
Introduction As a member of the Organization for Economic Co-operation and Development (“OECD”), Canada signed the Convention on Combating Bribery of Foreign Public Officials in International Business Transactions (the “OECD Convention”) on December 17, 1997.
On December 7, 2012, the Government of Canada (the “Government”) approved two proposed acquisitions by state-owned enterprises (“SOEs”) under the Investment Canada Act (the “Act”).
On November 14, 2012, the U.S. Department of Justice (“DOJ”) and the U.S. Securities and Exchange Commission (“SEC”) jointly released their 120-page “Resource Guide to the U.S. Foreign Corrupt Practices Act”1 (the “Guide”).
Co-authored by Nailah Gordon-Decicieo The Foreign Investment Promotion and Protection Agreement (FIPA), that Canada and China signed on September 8, 2012, is designed to enhance two-way investment flows by binding both countries on matters regarding foreign investors and investments in their own jurisdictions. The agreement was to take effect one month after it had been ratified by both countries. Canada is expected to ratify it some time in November.
Introduction Anti-corruption compliance is now considered a priority issue for many Canadian companies, especially those doing business in vulnerable industries such as mining, oil and gas, infrastructure, and health care. However, Canadian companies tend to focus exclusively on compliance under the Corruption of Foreign Public Officials Act1 (“CFPOA”), Canada’s anti-corruption law.
Introduction Section 109.1 of the Customs Act1 authorizes the imposition of civil penalties by the Canada Border Services Agency (“CBSA”):
Introduction United States companies recognize the importance of establishing an effective anti-corruption compliance program, in order to prevent and detect potential violations of the Foreign Corrupt Practices Act of 1977 (the “FCPA”)1. This awareness results from a long history of aggressive FCPA enforcement by the Fraud Section of the U.S. Department of Justice (“DOJ”) and the U.S. Securities and Exchange Commission (“SEC”).
While the Spring federal budget has been advertised as one of “belt-tightening,” it is not only Canadians who are sharing in the pain. One budget proposal will have a significant impact on non-residents who own and finance Canadian operations. In a nutshell, some non-residents will now have to pay the Government of Canada new or increased taxes on income that they earn from these operations.
Introduction On May 25, 2012, Christian Paradis, Canada’s Minister of Industry, announced regulatory changes (the “Proposed Regulations”) to its foreign investment review process under the Investment Canada Act1 (the “Act”). The Proposed Regulations follow the Minister’s previous announcement on April 27, 2012, which discussed proposed legislative changes that would result from The Jobs, Growth and Long-term Prosperity Act2
Co-Authored by Rajeeve Thakur*
Ontario continues to develop as a well regarded forum for the resolution of commercial and trade disputes. Its Commercial Mediation Act, 2010 (the “Ontario Act”), for example, contains some interesting features regarding mediation which are well worth considering when evaluating the advantages and disadvantages of a particular choice of forum in international commercial and trade (in particular, customs) disputes.
Introduction Foreign workers, international students, and visitors who travel to Canada often encounter a number of Customs issues relating to the temporary importation of their personal belongings, vehicles, or commercial goods. However, many individuals will not be aware of these issues until they actually arrive at the border. This article is intended to provide a brief overview of Canadian customs laws as they apply to the temporary importation of goods by non-residents.
Introduction The World Customs Organization (“WCO”) represents Customs administrations in 177 countries, which collectively process approximately 98% of world trade. It also administers the technical aspects of the World Trade Organization (“WTO”) agreements on Customs Valuation and Rules of Origin. As a member of both the WCO and WTO, Canadian customs laws are, at least to an extent, based on agreements and conventions established by these organizations. A brief overview of Canadian customs laws appears below.