Foreign ownership restrictions on Canadian satellites gone

OTTAWA – Canada has officially removed foreign ownership restrictions on satellite carriers.Parliament enacted the necessary legislation (see Part 23) last week, giving royal assent to the changes contained in Bill C-9, Industry Canada confirmed to Cartt.ca. According to a client note from Blake, Cassels and Graydon LLP, the move means that existing Canadian satellite carries can access foreign capital markets with no special limitations on voting shares, composition of the carrier’s board of directors, or shareholder rights, though such investments will be subject to Canadian laws like the Investment Canada Act. It also means that foreign satellite operators can now apply for a space-station licence from...