See Chinese version below [中文版参阅下文].

A transaction must typically be pre-notified to the Canadian Commissioner of Competition if both (i) the combined assets in Canada or gross revenues from sales in, from and into Canada of the acquirer and the target (as shown on their latest audited financial statements), together with their affiliates, exceed C$400 million and (ii) the assets in Canada or revenues in and from Canada of the target's business exceed C$96 million (2020). The transaction cannot be completed until the appropriate clearance is obtained (either by the expiry of the applicable waiting period or if an exemption is obtained).

Because the Commissioner of Competition can challenge an anti-competitive transaction for up to one year after closing, the parties will not normally complete a transaction until the Commissioner and his staff complete their antitrust review and notify the parties that the merger will not be challenged. The review process can range from two weeks to several months depending on the complexity of the competition issues involved.

The Commissioner will signal the approval of the transaction by the issuance of an advance ruling certificate (ARC), which precludes challenges to the merger during the one year period following completion, or a "no-action" letter. The issuance of an ARC also exempts the parties from filing the formal notification form.

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