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Global rules on foreign direct investment (FDI)
Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
Canada | Publication | March 24, 2020 - 3 PM ET
Canadian businesses are facing unprecedented challenges in light of the rapid spread of COVID-19. Supply chains are under significant strain and Canadians are worried about the availability of essential goods. Industry associations and various levels of government are working to address some of these concerns, but it is important to remember that any time competitors find themselves working together, they must be mindful of their obligations under Canada’s Competition Act. This remains the case in the current environment.
In addition to setting out rules about how competitors may interact, the Competition Act also governs misleading advertising and provides for the review of mergers. Below are six key takeaways:
Developments in this area are moving quickly. Antitrust agencies in other countries have taken more aggressive action, including suspending application of competition legislation to specific sectors affected by the pandemic. Companies must continue to be aware of their obligations under the Competition Act when considering any action that could involve cooperating with competitors or otherwise affect competition.
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Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
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On February 2, 2024, the Belgian Presidency of the Council of the European Union confirmed that the Committee of Permanent Representatives had signed the Artificial Intelligence (AI) Regulation, referred to as the AI Act. Approval by the EU Parliament followed on 13 March 2024, and the AI Act is likely to appear in the EU’s Official Journal around May 2024. The AI Act aims to establish a stringent legal framework governing the development, marketing, and utilisation of artificial intelligence within the region, thereby marking a significant advancement in the regulation of this burgeoning domain.
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The EU’s Artificial Intelligence Regulation, commonly referred to as the AI Act, is expected to come into force during the summer of 2024 (the AI Act). The AI Act will be the first comprehensive legal framework for the use and development of artificial intelligence (AI), and is intended to ensure that AI systems developed and used in the EU are safe, transparent, traceable, non-discriminatory and environmentally friendly.
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