Tech industry backs more federal scrutiny of intellectual property transfers in foreign deals

One tech executive said the government’s new strategy fits the needs of domestic companies in sectors such as critical minerals,, semi-conductors and quantum computing, where foreign capital is often essential to growth and intellectual property is the most valuable asset.

to foreign countries, such as China. After Ottawa’s announcement, a Vector Institute spokesperson said in an e-mail:It makes sense for the government to be reviewing the act at this juncture to ensure it is in line with today’s modern world while protecting the economic interests of Canadians, including intellectual property.”

Shifting the timelines on takeover reviews in sensitive sectors would align the act with the approach taken by some of Canada’s allies and has significant implications on how deals actually get done, said Charles Tingley, a partner in law firm Davies Ward Phillips & Vineberg LLP who specializes in foreign investment.

None of those deals were blocked, although some were voluntarily withdrawn. Government records show that transactions with enhanced reviews took an average of 133 days to complete, although full formal reviews can take considerably longer, said Mr. Tingley.

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