Prohibitions and Remedies The Minister may apply to a court to sanction a non-Canadian investor for, among other things, (i) failing to file a required notification or application for review; (ii) implementing an investment that has not received the necessary approval or has been prohibited; (iii) failing to provide information requested by the Minister; (iv) failing to divest as required; or (v) failing to comply with undertakings or conditions imposed on an investment. Available sanctions for non-compliance with the ICA include compulsory divestiture, revocation or suspension of voting rights, and financial penalties up to C$25,000 for each day the non-Canadian is in breach of the ICA. Once pending amendments contemplating prescribed business activities that may trigger mandatory preclosing NSR clearance are proclaimed in force, courts will be empowered to impose penalties of up to C$500,000 (or such greater amount as may be prescribed) for failure to file a requisite notice or application.
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