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27 Financial Post Crosbie: Mergers & Acquisitions in Canada database. The data are based on public announcements by firms. They include minority purchases of stock where it represents an equity interest of over 10 percent (excluding announcements that are under $1 million).
34 The threshold for review of foreign investment in these sectors is $5 million for direct investment and $50 million for indirect investment. As well, foreign investment involving Crown corporations as well as foreign investment involving financial institutions regulated under the Bank Act and the Insurance Companies Act are exempt from review under the ICA.
35 Approval of an acquisition is granted by the Minister of Industry. In 1999, responsibility for administration of the ICA in the cultural sector (music, film and video, books, magazines and newspapers) was transferred to the Minister of Canadian Heritage. Schedule IV of the Regulations to the ICA contains precise wording to determine whether a business activity is cultural or not.
36 Upon the recommendation of the Minister of Canadian Heritage, the government may order the review of a greenfield investment in the cultural sector if it believes it is in the public interest to do so.
37 Data from http://investcan.ic.gc.ca.
40 The United States just completed a major study of its competition laws (the United States Antitrust Modernization Commission reported its recommendations in April 2007). Australia, Ireland, the United Kingdom, Japan, Korea and emerging free market economies in eastern Europe and South America have all moved to strengthen their competition laws since the 1990s. China is scheduled to implement a modern competition law in 2008, and further reforms to strengthen competition law in India are expected to be in place next year.
49 A proportion of Canada's international business transactions may be facilitated through third parties. FDI data do not necessarily capture Canada's relationship with the final destination countries.
52 In Canada's case, these agreements are called FIPAs Foreign Investment Promotion and Protection Agreements. Canada has negotiated 23 FIPAs, with more current under negotiation. For further information, see: http://www.international.gc.ca/tna-nac/fipa-en.asp.
58 Canadian ownership and control requirements include provisions that 1) not less than 80 percent of the board of directors members be Canadian individuals, 2) not less than 80 percent of the corporation's voting shares be beneficially owned by Canadian individual or entities and 3) the corporation is not otherwise controlled by persons that are not Canadians.
59 The Canadian Radio-television and Telecommunication Commission (CRTC) is responsible for ensuring control "in fact" whereby a minimum of 80 percent of the Board of Directors and CEO are Canadians and at least 80 percent of voting shares of the Canadian broadcasting operation company (licensee) are held by Canadians. Where there is a holding company, a minimum of 66.66 percent of voting shares of the Canadian holding company must be owned by Canadians in order to be considered Canadian. These limits mirror those for telecom companies.
60 Banks with equity of $8 billion or more and large demutualized insurance companies must be "widely held" such that no person may own more than 20 percent of any class of its voting shares or 30 percent of any class of its non-voting shares. Residents must also form a majority of the board of directors of a domestic financial institution, and must form one half of the directors of a financial institution that is a subsidiary of a foreign parent. As well, the CEO of every bank or federal insurance company in Canada must be a Canadian resident.