Early Foundations in International Perspectives
Professor Roger Fisher’s teachings at Harvard Law School during the Yom Kippur War period shaped Cal’s international perspective. Professor Fisher crystalized an important takeaway for handling international conflict which directly applies to understanding foreign investment regime challenges: lawyers need to consider multiple relevant perspectives - foreign and domestic – a principle that remains central to transnational antitrust and foreign investment regimes today.
Cal gained hands-on experience with global issues in the late 1970s through his role as assistant special counsel and later assistant special prosecutor for the international uranium cartel investigation. That high-profile case exemplified the importance of cooperation by competition authorities across jurisdictions and led to more structured international efforts.
Leadership in International Collaboration
Cal’s appointment as head of the Canadian Competition Bureau in 1986 when the Competition Act was enacted and subsequent leadership roles in the OECD Competition Committee deepened his focus on cross-border cooperation in the 1980s. New competition regimes surged worldwide throughout the 1990s, creating a need for coordinated enforcement principles to avoid system conflicts. As vice-chair of the Business and Industry Advisory Committee at the OECD, Cal advanced policy work while engaging in precedent-setting international cartel and merger cases. Since the 1990’s, he has continued with legal work as counsel in the private sector in many leading cases in Canada including cases of significant international interest.
The Birth of the FINS Committee
The ABA Antitrust Section actively expanded its international focus in the late 1990s. This strategic evolution led to groundbreaking appointments of non-U.S. leaders (including Cal) and launched a comprehensive initiative to incorporate diverse global perspectives into antitrust analysis. Modern competition law’s international requirements drove this transformation. From 2013, the Section established task forces (three of which were co-chaired by Cal) that examined the growing interface between antitrust and foreign investment reviews, spurred by cases like BHP Billiton’s proposed acquisition of Potash Corp in Canada and Archer Daniels Midland Company’s attempted acquisition of GrainCorp Limited in Australia.
Those task forces led to recommendations which established the foundation for the FINS Committee, which analyzes the convergence of competition law and foreign investment reviews, addressing both national interest and national security considerations across a variety of regimes worldwide. The FINS Committee leadership includes lawyers from Australia, Canada, Europe, and the US.
Current and Future Impacts
The FINS Committee analyzes how competition law and foreign investment reviews intersect globally, providing critical insights to help antitrust lawyers avoid common pitfalls. Recent global cases, such as Illumina-Grail, highlight the challenges of jurisdictional overreach and emphasize the importance of predictable legal frameworks.
Rising protectionist policies worldwide have elevated the role of foreign investment screening. While the United States initially focused on national security and countries like Canada, Australia, and certain European nations emphasized national interest, these nations now converge to increase scrutiny in both areas. Governments continue to advance national policies, and the coming years will likely bring even stricter regulations, particularly in sensitive sectors and critical industries, reflecting a global shift to prioritize data security and certain supply chain protections over unrestricted foreign investment.
For example, Canada’s Minister of Innovation, Science, and Industry has implemented stricter measures under the Investment Canada Act, targeting mergers and acquisitions in sensitive sectors like critical minerals. The Canadian government has specifically scrutinized Chinese-based investors and ordered some to divest from Canadian critical mineral companies. Australia is adopting similar strategies to safeguard its critical mineral resources.
Chinese and Russian entities now face intensified global scrutiny when investing in sensitive industries like technology and mining. Recent examples include Canada’s decision to ban TikTok’s Canadian subsidiary and close its offices due to national security concerns, while the US actively scrutinizes foreign acquisitions of farmland and technology assets. This heightened vigilance is further exemplified by the comprehensive restrictions on Huawei’s operations, with both Canada and the US banning the company’s 5G technology from their telecommunications networks, citing significant national security risks.
Bridging the Gap Requires a Team
Dynamic team collaboration drives excellence in modern legal practice, a subject we discussed with Cal. Senior lawyers create powerful mentorship opportunities by actively engaging younger lawyers in strategic discussions, fostering an environment where fresh perspectives thrive. This collaborative approach generates a greater likelihood of innovative thinking and possible breakthrough solutions that benefit both clients and legal practitioners.
The most successful legal teams encourage meaningful involvement at all levels - from strategy sessions to client meetings, policy development to professional forums like the ABA. Junior lawyers accelerate the team’s ability to navigate complex cross-border challenges by contributing their unique insights and technological savvy.
The future of legal practice thrives when teams combine seasoned expertise with emerging talent. In Cal’s experience, the best environment for tackling complex and at times novel issues is collaborative: where innovation flourishes by championing open consultative dialogue and diverse perspectives. This spirit advances individual careers and propels the entire profession forward, creating lasting positive impact for clients and within the legal community.
Meet Calvin Goldman, K.C.
Calvin S. Goldman, K.C. is a very experienced, highly recognized lawyer based in Toronto, Canada. His continuing top-tier practice encompasses Canadian and international matters before the Competition Bureau, as well as foreign investment reviews under the Investment Canada Act. Cal has acted as counsel in a number of leading competition law and foreign investment review cases in Canada, including competition cases before the Supreme Court of Canada and cases of significant international interest. Cal is a former head of the Canadian Competition Bureau. He has advised a number of international organizations, including the Business and Industry Advisory Committee to the OECD, the International Chamber of Commerce, the International Competition Network and the ABA Antitrust Law Section where he is currently Vice-Chair of the new Committee on Foreign Investment and National Security. Over the last 10 years, Cal was co-chair of two task forces for the ABA ALS which pertained to the Interface of Foreign Investment, National Interests and Competition Law as well as a third task force on the Future of Competition Law Standards. Cal has participated over many years on various competition law and foreign investment review panels, including at the Fordham International Antitrust Conference in New York since the late 1980s through to September 2023 and 2024. He most recently participated on the International Divergence of Remedies panel at the GCR Global Merger Control Conference in Brussels in October 2024.
