Canada’s Competition And Foreign Investment Rules Under Review

On July 12, 2007, the Canadian government announced the creation of a Competition Policy Review Panel tasked with reviewing key elements of Canada’s competition and investment policies. The panel’s "core mandate" is to review the Competition Act and Investment Canada Act ("ICA"). The panel will also examine the foreign ownership restrictions affecting specific sectors (such as telecom, financial services, broadcasting and airlines) and consider the competition and investment regimes of other jurisdictions to assess reciprocity between their rules and those of Canada. Finally, the panel will consider how to encourage Canadian outbound investment.

The five-person panel (consisting of a mix of Canadian legal and business representatives) will consult with executives, academics, business and international organizations, as well as individual Canadians across the country before making its recommendations. The panel is to report back to the Minister of Industry by June 30, 2008.