Coming Into Force of the Changes To The Notifiable Transactions Provisions

OTTAWA, December 17, 1999 — The amendments to the notifiable transactions provisions of the Competition Act and the related amendments to the Regulations which have just been approved, will come into force on December 27, 1999.

The amendments allow the Competition Bureau to promote competition in the Canadian marketplace in a more transparent, fair and timely manner. These amendments, which are part of the initiative to modernize the Competition Act, also ensure that the legislation remains relevant and effective.

The notifiable transactions provisions of the Competition Act require that parties to certain transactions which exceed prescribed thresholds notify the Bureau and provide specified information, before the transactions are completed. In this way, the Bureau is able to assess the competitive impact of the transactions and take appropriate action, if necessary.

"Competition law is a key component of Canada's economic framework and, with these amendments, the tools used to protect and promote competition have been improved," said John Manley, Minister of Industry. "The amendments represent the government's commitment to foster innovation, ensure competitive prices and consumer product choice in order to strengthen the economy."

These amendments are the result of extensive consultations and retain the positive features of the current system while improving the efficiency and flexibility of the process.

The Amendments to the Regulations include:

• An exemption from the notification provisions for a category of benign transactions called asset securitization;
• New provisions which specify the basis for converting assets or revenues reported in foreign currency into Canadian dollars;
• The information required for short and long form filings which is now set out in the Regulations instead of the Act and has been revised to be more relevant.

For more information on amendments to the Competition Act and to the Regulations please visit the Bureau website or you may call the toll free number at 1-800-348-5358 for assistance.

Backgrounder

Amendments to the Regulations (PDF: 481 KB)

For further information please contact:

Julie Hébert
Senior Communications Advisor
Competition Bureau
819-953-4257