An Act to amend the Canada Business Corporations Act, the Canada Cooperatives Act, the Canada Not-for-profit Corporations Act and the Competition Act (S.C. 2018, c. 8)
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Assented to 2018-05-01
PART 2Application of the Competition Act to Other Entities (continued)
R.S., c. C-34; R.S., c. 19 (2nd Supp.), s. 19Competition Act (continued)
Marginal note:1999, c. 31, s. 229
119 Paragraph 111(f) of the Act is replaced by the following:
(f) an acquisition of equity interests in an entity under an agreement in writing that provides for the creation of those equity interests only if the person or persons acquiring them incur expenses to carry out exploration or development activities with respect to a Canadian resource property, as defined in subsection 66(15) of the Income Tax Act, in respect of which the entity has the right to carry out those activities, if the entity does not have any significant assets other than that property.
Marginal note:2009, c. 2, s. 437
120 (1) Paragraph 114(1)(b) of the Act is replaced by the following:
(b) two or more entities propose to amalgamate in the circumstances set out in subsection 110(4); or
Marginal note:2009, c. 2, s. 437
(2) Subsection 114(3) of the Act is replaced by the following:
Marginal note:Entity whose equity interests are acquired
(3) If a proposed transaction is an acquisition of equity interests in an entity and the Commissioner receives prescribed information supplied under subsection (1) by a party to the transaction, other than the entity, the Commissioner shall, if he or she has not already received the prescribed information from the entity, immediately notify the entity that the Commissioner has received the prescribed information from that party and the entity shall supply the Commissioner with the prescribed information within 10 days after being so notified.
Marginal note:R.S., c. 19 (2nd Supp.), s. 45; 1999, c. 2, s. 33 and par. 37(z.16); 2009, c. 2, s. 438
121 Section 116 of the Act is replaced by the following:
Marginal note:If information cannot be supplied
116 (1) If any of the information required under section 114 is not known or reasonably obtainable, or cannot be supplied because of the privilege that exists in respect of lawyers and notaries and their clients or because of a confidentiality requirement established by law, the entity or individual who is supplying the information may, instead of supplying the information, inform the Commissioner under oath or solemn affirmation of the matters in respect of which information has not been supplied and the reason why it has not been supplied.
Marginal note:If information not relevant
(2) If any of the information required under section 114 could not, on any reasonable basis, be considered to be relevant to an assessment by the Commissioner as to whether the proposed transaction would or would be likely to prevent or lessen competition substantially, the entity or individual who is supplying the information may, instead of supplying the information, inform the Commissioner under oath or solemn affirmation of the matters in respect of which information has not been supplied and why the information was not considered relevant.
Marginal note:If information previously supplied
(2.1) If any of the information required under section 114 has previously been supplied to the Commissioner, the entity or individual who is supplying the information may, instead of supplying it, inform the Commissioner under oath or solemn affirmation of the matters in respect of which information has previously been supplied and when it was supplied.
Marginal note:Commissioner may require information
(3) If an entity or individual chooses not to supply the Commissioner with information required under section 114 and so informs the Commissioner in accordance with subsection (2) or (2.1) and the Commissioner or a person authorized by the Commissioner notifies that entity or individual, within seven days after the Commissioner is so informed, that the information is required, the entity or individual shall supply the Commissioner with the information.
Marginal note:R.S., c. 19 (2nd Supp.), s. 45
122 Subsection 117(1) of the Act is replaced by the following:
Marginal note:Saving
117 (1) Nothing in section 114 requires
(a) any individual who is a director of a corporation to supply information that is known to that individual by virtue only of their position as a director of an affiliate of the corporation that is neither a wholly-owned affiliate nor a wholly-owning affiliate of the corporation; or
(b) any individual who, in respect of an entity other than a corporation, serves in a capacity similar to that of a director to supply information that is known to that individual by virtue only of their serving in that capacity with respect to an affiliate of the entity that is neither a wholly-owned affiliate nor a wholly-owning affiliate of the entity.
Marginal note:R.S., c. 19 (2nd Supp.), s. 45; 1999, c. 2, par. 37(z.17)
123 Section 118 of the Act is replaced by the following:
Marginal note:Information to be certified
118 The information supplied to the Commissioner under section 114 shall be certified on oath or solemn affirmation as having been examined by one of the following individuals and as being, to the best of that individual’s knowledge and belief, correct and complete in all material respects:
(a) in the case of a corporation supplying the information, by an officer of the corporation or other person duly authorized by the board of directors or other governing body of the corporation;
(b) in the case of an entity other than a corporation supplying the information, by an individual who serves in a capacity similar to that of an officer of a corporation or other individual duly authorized by the governing body of that entity;
(c) in the case of an individual supplying the information, by that individual.
Marginal note:2009, c. 2, s. 439
124 Subsections 123(2) and (3) of the Act are replaced by the following:
Marginal note:Waiving of waiting period
(2) A proposed transaction referred to in section 114 may be completed before the end of a period referred to in subsection (1) if, before the end of that period, the Commissioner or a person authorized by the Commissioner notifies the parties to the transaction that the Commissioner does not, at that time, intend to make an application under section 92 in respect of that proposed transaction.
Marginal note:Acquisition of equity interests
(3) In the case of an acquisition of equity interests to which subsection 114(3) applies, the periods referred to in subsection (1) shall be determined without reference to the day on which the information required under section 114 is received by the Commissioner from the entity whose equity interests are being acquired.
- Date modified: