TORONTO (Reuters) - Canada is expected to announce on Wednesday afternoon eagerly awaited rules outlining the framework for an upcoming auction of wireless telecom spectrum.

Industry Minister Jim Prentice is scheduled to make a major announcement at 4 p.m., with speculation swirling he will make good on a promise to provide the auction rules this fall.

However, another hot issue Prentice is working on is new guidelines for reviewing foreign investment deals. On November 20, he said that announcement would come "imminently" and this could also be the subject of Wednesday's announcement.