An Association of Corporate Counsel poll found that 67 per cent of respondents were crying out for more guidance.

Wasted fees

In an ACC statement – reported by the Financial Post -- George Bass, vice president, general counsel and secretary of California’s Wawanesa Insurance said: ‘Proposed deals that get stopped in their tracks can result in millions of dollars in wasted fees and lost enterprise costs.’ He continued that ACC members wanted  to have a better understanding of what the Canadian authorities would be looking at when a proposed foreign acquisition is reviewed – ‘so that those of us in the in-house bar can better guide our boards and executive teams earlier in the process’.

Ministerial discretion

That in-house view contrasted with a favourable reception from private practice lawyers to the test.
Those in law firms pointed out that while more guidance might seem welcome, as a practical matter, it was difficult to achieve since ultimate decisions came at the discretion of the federal industry minister.