The submission by the Competition Bureau in regards to the current consultation by the Government of Canada on the future of competition policy in Canada is presented with great pleasure. The submission itself features more than 50 suggestions which aim to bolster and contemporize the Competition Act in Canada.
To put it briefly, Canada requires a greater degree of competition. Equally important is the necessity for Canadians to have access to a contemporary and efficient competition law to facilitate such a development.
The people of Canada are currently observing some of the most significant price hikes in several decades. This new reality highlights the significance of competitive markets, as they are instrumental in making goods and services more accessible to both consumers and businesses. By fostering stronger competition, we enable economic expansion by providing equal opportunities for upcoming businesses to compete.
Many have described Canadian competition law as antiquated. It should be noted that the Competition Act, which is the primary resource that the Bureau uses to defend and foster competition within Canada, has not been comprehensively revised since the 1980s.
The Bureau expresses optimism regarding the initial strides made towards policy reform. These strides include beneficial alterations to the Act in June 2022, as well as the current Government’s consultation. It is now imperative that we continue progressing in order to ensure that our laws are appropriate for the contemporary economy.
Expanding on its earlier feedback on Canada’s competition policy framework, the Bureau has put forth a proposal outlining several noteworthy enhancements to the Act. These enhancements include:
The framework for reviewing mergers within the Act needs to be adjusted in order to effectively tackle concerns regarding market concentration and its negative impact on competition and the public interest.
By granting formal information-gathering powers to the Bureau for conducting market studies, it will be able to carry out its tasks more effectively.
The aim is to enhance the efficiency and timeliness of investigative and judicial processes by streamlining them.
By implementing these changes, the safeguarding and advancement of competitive markets can be improved. These changes would enable the Bureau to more efficiently recognize matters regarding competition and offer advice to policymakers based on evidence. Furthermore, it would result in delivering prompt outcomes for the benefit of Canadians.
The advice being offered is founded upon the Bureau’s vast experience in carrying out and upholding the Act, as well as taking into account the best practices followed globally.
The Bureau is dedicated to enhancing the effectiveness of competition in Canada and urges all interested parties to engage in this crucial discussion on reform.
To ensure that our competition law and policy are relevant to the contemporary economy, action must be taken. The Competition Act is the primary instrument we use in safeguarding and promoting competition for Canadians. By utilizing more advanced and refined tools, we trust that we can accomplish even more for the betterment of all Canadians.
Matthew Boswell is the subject of the sentence, but without context, I cannot recreate the sentence. Could you please provide more information or context?
The official title of the person in charge of ensuring fair competition is the Commissioner of Competition.