CANADA 7 Dispute resolution


7.1 How efficient are local courts’ enforcement and dispute resolution proceedings, and are there any procedural idiosyncrasies foreign investors must be aware of? Decisions made under the ICA (including, for example, a decision to prohibit a foreign investment transaction) are considered to be made by the Cabinet of the Canadian federal government, and are not subject to appeal in the courts.


However, if the minister believes that a foreign investor has violated undertakings it made to the federal government in order to obtain approval to complete its investment, he may sue the investor in Canadian federal court.


7.2 Do the courts of the FDI jurisdiction respect foreign judgments and are arbitration awards enforceable in the jurisdiction? In general and subject to exceptions, the judgments of foreign courts are entitled to recognition and enforcement in Canada, provided there is a real and substantial connection between the action and the foreign court. However, the application of this doctrine varies by jurisdiction, and the meaning of real and substantial connection is subject to considerable uncertainty. Canadian counsel should be sought before seeking to enforce any foreign judgments or arbitral awards in Canada.


7.3 Are judgments and arbitration awards from the FDI jurisdiction generally enforceable in other jurisdictions? Each jurisdiction varies in its approach to private and public international law. However, as noted above, decisions made under the ICA are considered to be made by the Cabinet of the Canadian federal government (and not by a Canadian court or regulatory body), and are therefore not subject to appeal in the Canadian courts.


Paul Collins Partner, Stikeman Elliott


Toronto, Canada T: +1 416 869 5577 E: pcollins@stikeman.com W: www.stikeman.com


About the author Paul Collins is head of the competition and foreign investment group. He practises corporate and commercial law and specialises in the area of competition law, providing both transactional and general compliance advice, and advice on marketing and advertising law. Collins is also a leading advisor for foreign investors in connection with the Investment Canada Act. His practice puts him in constant contact with the federal Competition Bureau and the Investment Review Division of Industry Canada. He served as senior deputy commissioner at the mergers branch of the Competition Bureau from May 2010-12 where he was instrumental in the Bureau’s review of high-profile corporate transactions, as well as the development of key Bureau policies arising from the significant amendments to the Competition Act introduced in 2009. He is an active member of the Canadian, American and International Bar Associations.


Mike Devereux Associate, Stikeman Elliott


Toronto, Canada T: +1 416 869 6803 E: mdevereux@stikeman.com W: www.stikeman.com


About the author Mike Devereux is a member of the corporate finance and securities group in the Toronto office of Stikeman Elliott. His practice focuses on securities and corporate law, with a particular emphasis on public and private mergers and acquisitions, corporate finance transactions, corporate governance and shareholder activism. He has acted for issuers, boards of directors, special committees and other transaction participants in numerous M&A transactions, including both friendly and hostile transactions. He also regularly provides advice on corporate governance and securities regulatory compliance matters to various issuers, and has been involved in several contested shareholder meetings. Devereux has also worked in the Sydney, Australia office of Stikeman Elliott, where he advised on international corporate finance and M&A transactions. He is a member of the Law Society of Upper Canada and the Canadian Bar Association.


Michael Laskey Associate, Stikeman Elliott


Toronto, Canada T: +1 416 869 5541 E: mlaskey@stikeman.com W: www.stikeman.com


About the author Michael Laskey is a member of the competition and foreign investment group in Stikeman Elliott’s Toronto office. His practice focuses primarily on the review of transactions under the Competition Act and the Investment Canada Act. In addition, Laskey advises clients on compliance issues related to the Competition Act as well as federal and provincial marketing and advertising laws and regulations. He is a member of the Law Society of Upper Canada and the Canadian Bar Association. He holds a Master of Arts degree in economics.


28


IFLR REPORT | FOREIGN DIRECT INVESTMENT 2014


WWW.IFLR.COM


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68