StarBuzz Weekly, Toronto-For Immediate Release
June 28, 2011
OTTAWA— Liberal Industry & Consumer Affairs critic Geoff Regan today urged Industry Minister Christian Paradis to clarify what criteria the government will use when it applies the “net benefit” test to the London Stock Exchange Group’s (LSE) proposal to purchasethe TMX. In a letter to the Minister, Mr. Regan made specific recommendations aimed at greater transparency and predictability in reviews conducted under the Investment Canada Act (ICA).
“It’s been over three years since the Red Wilson panel urged the government to provide greater transparency and predictably for the ‘net-benefit’ test,” said Mr. Regan. “Yet, despite several high-profile cases where clarity was in question, the Conservatives have yet to establish any clear criteria by which foreign investment proposals can be evaluated.”
A lack of clear rules and criteria with respect to the ‘net benefit’ test have created much confusion surrounding recent foreign investment proposals, including BHP Billiton’s bid for PotashCorp and the current TMX-LSE proposal. In the absence of leadership from the Conservatives, Liberals are urging the government to consider extending the ICA review process to allow for greater input from the provinces, and to take into account job guarantees, the stability of the Canadian financial market and the competing Canadian bid from Maple Group.
“The government’s silence on these matters has done nothing but create confusion both at home and abroad,” said Mr. Regan. “Since the government has so far failed to implement the recommendations of the Red Wilson panel, Minister Paradis should at least commit to a fair application of the Investment Canada Act that takes into account these important factors,” concluded Mr. Regan.
Source URL: https://jembutmuwsexywallpaper.blogspot.com/2011/06/liberals-demand-clarity-on-foreign.htmlJune 28, 2011
OTTAWA— Liberal Industry & Consumer Affairs critic Geoff Regan today urged Industry Minister Christian Paradis to clarify what criteria the government will use when it applies the “net benefit” test to the London Stock Exchange Group’s (LSE) proposal to purchasethe TMX. In a letter to the Minister, Mr. Regan made specific recommendations aimed at greater transparency and predictability in reviews conducted under the Investment Canada Act (ICA).
“It’s been over three years since the Red Wilson panel urged the government to provide greater transparency and predictably for the ‘net-benefit’ test,” said Mr. Regan. “Yet, despite several high-profile cases where clarity was in question, the Conservatives have yet to establish any clear criteria by which foreign investment proposals can be evaluated.”
A lack of clear rules and criteria with respect to the ‘net benefit’ test have created much confusion surrounding recent foreign investment proposals, including BHP Billiton’s bid for PotashCorp and the current TMX-LSE proposal. In the absence of leadership from the Conservatives, Liberals are urging the government to consider extending the ICA review process to allow for greater input from the provinces, and to take into account job guarantees, the stability of the Canadian financial market and the competing Canadian bid from Maple Group.
“The government’s silence on these matters has done nothing but create confusion both at home and abroad,” said Mr. Regan. “Since the government has so far failed to implement the recommendations of the Red Wilson panel, Minister Paradis should at least commit to a fair application of the Investment Canada Act that takes into account these important factors,” concluded Mr. Regan.
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