The regulatory scheme mentioned is the Foreign Investment Review Act (FIRA)passed by the Parliament of Canada in December 1973. The FIRA was a response to a growing nationalist feeling in the early 1970's, from which developed a resentment of the seeming omnipresence of foreign business in the Canadian economy and a fear of the long-term consequences of such presence. In examining the FIRA, this Note will explore the factors that led to passage of the legislation. The Act will be analyzed in depth. Important statutory language will be defined and explained, and the review process of the FIRA will be outlined. Finally, the Note will discuss the success of the FIRA and consider its effect on investment in Canada.
Barry J. O’Sullivan,
Canada's Foreign Investment Review Act Revisited,
4 Fordham Int'l L.J. 175
Available at: http://ir.lawnet.fordham.edu/ilj/vol4/iss1/8