Blakes Competitive Edge™: May 2026 Update

Welcome to the May issue of Blakes Competitive Edge, a monthly publication of the Blakes Competition, Antitrust & Foreign Investment group. Blakes Competitive Edge provides an overview of recent developments in Canadian competition and foreign investment law, including updates on enforcement activity by the Canadian Competition Bureau (Bureau), recent initiatives and key trends.

Key Highlights

• Merger review activity in 2026 is consistent compared to last year, with the Bureau completing 75 merger reviews through the end of April 2026, the same number as completed through April 2025.
• The Bureau challenges Keyera Corp.’s proposed acquisition of Plains All American Pipeline L.P.’s natural gas liquids business.
• The Canadian government proposes to narrow the Investment Canada Act’s exemption for foreign banks.

Competition Act

Merger Monitor

April 1 – April 30, 2026 Highlights

• 18 merger reviews announced, 15 merger reviews completed, with reviews taking 28 calendar days on average
• Primary industries of completed reviews: manufacturing (33%); transportation and warehousing (13%)
• 8 transactions received an Advanced Ruling Certificate (53%) and 7 transactions received a No Action Letter (47%)

January – April 30, 2026 Highlights

• 74 merger reviews announced, 75 merger reviews completed, with the reviews taking 39 calendar days on average
• Primary industries of completed reviews: manufacturing (23%); mining, quarrying, and oil and gas extraction (19%); real estate, rental and leasing (11%); information and cultural industries (9%)
• 29 transactions received an Advanced Ruling Certificate (38%); 43 transactions received a No Action Letter (58%); 2 transactions were completed via consent agreement; and 1 transaction was resolved through other means

Merger Reviews Completed Year to Date Through April 30, 2026, by Primary Industry

Enforcement Activity

Bureau Challenges Keyera Corp.’s Proposed Acquisition of Plains All American Pipeline L.P.’s Natural Gas Liquids Business

• On May 5, 2026, the Bureau filed an application with the Competition Tribunal (Tribunal) challenging Keyera Corp.’s (Keyera) proposed acquisition of Plains All American Pipeline L.P.’s (Plains) Canadian natural gas liquids business. As described in the Bureau’s backgrounder regarding its decision to challenge the transaction, the Bureau alleges that the transaction would reduce competition in natural gas liquids processing at Fort Saskatchewan, Alberta. For more information, see our Blakes Competitive Edge™: April 2026 Update.

Bureau Seeks United States Court Assistance to Compel Former Google Employees in Tribunal Proceedings

• On May 5, 2026, the Bureau filed a motion before the Tribunal for orders to examine seven former U.S.-based Google employees in its ongoing abuse of dominance proceedings against the company, which relate to its advertising technology tools. The Bureau has alleged that the former employees have refused to testify on a voluntary basis in the proceedings. Despite being located outside of the Tribunal’s territorial reach to compel their appearance at trial, the Bureau is requesting that the Tribunal seek the assistance of relevant U.S. District Courts to enforce such orders. The motion relies on the Tribunal’s superior court powers under the Competition Tribunal Act and the Federal Courts Rules (Rules 271-272), and notes that each former employee previously gave material evidence in the U.S. Department of Justice’s civil antitrust suit against Google, which also related to Google’s activities relating to advertising technology. For more information regarding the Bureau’s Tribunal proceedings against Google, see our Blakes Competitive Edge™: March 2026 Update.

Non-Enforcement Activity

Bureau Responds to Canadian Transportation Agency’s Consultation on Interswitching Rates

• On March 6, 2026, the Bureau provided a response to the Canadian Transportation Agency’s (CTA) request for feedback regarding its consultation on commercial market factors to be considered in determining fair and reasonable interswitching rates. The CTA’s consultation seeks input on how commercial market factors should be considered when determining “fair and reasonable” regulated interswitching rates under the Canada Transportation Act. In its submission, the Bureau argues, among other things, that the CTA should (1) maintain cost-based estimates for rate setting, with commercial market rates serving as secondary checks, (2) obtain information on supply and demand factors to provide appropriate context to commercial market rates, and (3) ensure that interswitching rates strike a balance between carrier investment incentives and competition protection. The consultation follows the Federal Court of Appeal’s decision in Canadian National Railway v. Canadian Transportation Agency, which set aside the CTA’s 2024 interswitching rate determination and directed the CTA to redetermine rates in a manner that properly accounts for commercial market factors, consistent with the Canada Transportation Act.

Investment Canada Act

Foreign Investment Monitor 

Cultural Investments

2026 Q1 Highlights

• 3 reviewable investment approvals and 3 notifications filed (3 for the establishment of a new Canadian business)
• Country of ultimate control: United States (67%); China (17%); United Kingdom (17%)

Non-Cultural Investments

March 2026 Highlights

• 110 notifications filed (71 filed for acquisitions, 39 for the establishment of a new Canadian business)
• Country of ultimate control: United States (50%); Pakistan (8%); China (6%); United Kingdom (6%); France (6%)

January - March 2026 Highlights

• 4 reviewable investment approvals and 298 notifications filed (232 filed for acquisitions, 76 for the establishment of a new Canadian business)
• Country of ultimate control: United States (63%); United Kingdom (6%); Pakistan (5%); France (5%)

Investment Canada Act Non-Cultural Investment Filings and Approvals, January – March 2026

Non-Enforcement Activity

Canadian Government Proposes to Narrow the Investment Canada Act Exemption Under the Bank Act

• On April 29, 2026, Bill C-30, the Spring Economic Update 2026 Implementation Act, was tabled in the House of Commons, which, among other things, includes proposed amendments to Part XII.01 of the Bank Act; a section which governs the Bank Act’s relationship with the Investment Canada Act (ICA). Under the current legislation, the Bank Act permits foreign banks and associated entities to make certain investments in Canada without requiring a filing under the ICA. Under the revised framework, investments by foreign banks and affiliates will be exempt from ICA review only when the investment triggers approval under the Bank Act or other federal financial institutions legislation, such as the Trust and Loan Companies Act or the Insurance Companies Act. As a result, investments by foreign banks will require approval from either the Minister of Finance or the Superintendent of Financial Institutions under the applicable statute, or alternatively, a filing under the ICA. This amendment is slated to take effect 120 days after Bill C-30 receives royal assent. For further information on the Spring Economic Update 2026 Implementation Act, see the Blakes Bulletin: 2026 Spring Economic Update: Key Impacts on Canada’s Financial Sector.

Blakes Notes

• On May 5, 2026, the Competition, Antitrust & Foreign Investment group published a bulletin on domestic and foreign competition policy, Competition Policy at a Crossroads: Aligning Enforcement With Canada’s Productivity Imperative.
• On May 6, 2026, Blakes Partners Julie Soloway, Navin Joneja, Micah Wood, Kevin MacDonald, Julia Potter and Joe McGrade hosted a client webinar titled Competition in Unpredictable Times: Managing Risk and Unlocking Opportunities.
• On May 13, 2026, the Blakes Toronto office hosted the CBA Competition Law and Foreign Investment Review Section’s Economics Roundtable.
• Browse our thought-leadership insights from the Competition, Antitrust & Foreign Investment group to learn more.

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