Special Economic Measures (Burma) Regulations

Marginal note:Investment — property in Burma held by or on behalf of Burma or national of Burma not ordinarily resident in Canada

• 7 (1) No person in Canada and no Canadian outside Canada shall invest in property situated in Burma and set out in subsection (3) held by or on behalf of Burma or a national of Burma who does not ordinarily reside in Canada.

• Marginal note:Investment — property held by or on behalf of a person in Burma

  (2) No person in Canada and no Canadian outside Canada shall invest in property set out in subsection (3) held by or on behalf of a person in Burma, including an entity carrying on business in Burma other than a national of Burma, by

  • (a) acquiring a controlling interest in an entity that invests in property situated in Burma and set out in subsection (3);

  • (b) establishing, with a controlling interest, an entity that invests in property situated in Burma and set out in subsection (3); or

  • (c) holding a controlling interest in an entity that invests, after the date of the coming into force of the Regulations, in property situated in Burma and set out in subsection (3).

• Marginal note:Property

  (3) Subsections (1) and (2) apply in respect of the following property:

  • (a) assets of an entity;

  • (b) equity in an entity;

  • (c) a debt security of an entity;

  • (d) a loan to an entity;

  • (e) an interest or a right in an entity that entitles the owner to a share in income or profits of the entity;

  • (f) an interest or a right in an entity that entitles the owner to a share in the assets of that entity;

  • (g) property used or intended to be used for the purpose of economic benefit or any other benefits; or

  • (h) interest or rights arising from the commitment of capital or other resources, including

    • (i) contracts involving an investor’s property, turnkey construction contracts, and concessions including the right to search for and extract oil and other resources, and

    • (ii) contracts when the remuneration depends substantially on the production, revenues or profits of an entity.