Investment Canada Regulations — 2
2 In these Regulations, Act means the Investment Canada Act ; ( Loi ) American [Repealed, SOR/95-25, s. 1] authorized body means the board of directors of an entity, a committee of the board of directors, a person or group of persons that performs the functions of a board of directors or a director or officer of the entity who is authorized to make the fair market value determinations referred to in sections 3.3 to 3.5; ( organe autorisé ) class means any class of securities and includes a series of a class; ( catégorie ) controlled by a CUSMA investor has the same meaning as in subsection 24(4) of the Act; ( sous le contrôle d’un investisseur ACEUM ) controlled by a NAFTA investor [Repealed, SOR/2020-76, s. 1] controlled by an American [Repealed, SOR/95-25, s. 1] controlled by a WTO investor [Repealed, SOR/2015-64, s. 1] CUSMA investor has the same meaning as in subsection 24(4) of the Act; ( investisseur ACEUM ) equity security means a security of an entity that carries a right to vote in all or certain circumstances, a residual right to participate in the earnings of the entity or a right to receive the remaining property of the entity on its dissolution or liquidation, but does not include (a) a right, warrant or option to acquire such a security or a privilege to convert to such a security; or (b) a bond, debenture, note or similar instrument representing indebtedness, whether secured or unsecured; ( titre de participation ) fair market value means the monetary consideration that, in an open and unrestricted market, a reasonably prudent and informed buyer would pay to a reasonably prudent and informed seller, when acting at arm’s length from one another; ( juste valeur marchande ) financial statements means financial statements prepared in accordance with generally accepted accounting principles; ( états financiers ) investor means a non-Canadian required to give notice of an investment under section 12 of the Act or a non-Canadian required to file an application for review of an investment under subsection 17(1) of the Act; ( investisseurs ) NAFTA investor [Repealed, SOR/2020-76, s. 1] principal market , in relation to a class of equity securities, means the published market on which the greatest volume of trading in those securities occurred during the trading period; ( marché principal ) publicly traded entity means an entity whose equity securities are listed on a published market; ( unité ouverte ) published market , in relation to a class of equity securities, means a market inside or outside Canada on which the securities are traded, if the prices at which the securities are traded are regularly published either electronically or in a newspaper or financial or business publication of general circulation; ( marché publié ) trading period , in relation to a class of equity securities of an entity, means (a) the most recent 20 days of trading before the first day of the month that immediately precedes the month in which the complete notice of investment or complete application for review of an investment is filed, in cases where the notice or application is filed before the implementation of the investment, or (b) the most recent 20 days of trading before the first day of the month that immediately precedes the month in which the investment was implemented, in all other cases; ( période d’opération ) WTO investor [Repealed, SOR/2015-64, s. 1] SOR/89-69, s. 1; SOR/93-604, s. 2; SOR/95-25, s. 1; SOR/2015-64, s. 1 SOR/2020-76, s. 1