In brief The Government of Canada recently passed Bill C-34, the National Security Review of Investment Modernization Act (“Bill C-34“), marking a turning point in the review of foreign investment in Canada. Bill C-34 enhances the Canadian government’s national security review powers under the Investment Canada Act (“ICA“) and introduces mandatory pre-closing filings for certain investments. The amendments are intended to address evolving threats arising from foreign investment and to ensure Canada’s economic security and prosperity. Bill…