Welcome to the August 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 continues to increase compared to last year, with the Bureau completing 136 merger reviews through the end of July 2026, as compared to 127 merger reviews through July 2025.
- Two individuals receive criminal charges for deceptive marketing following a Bureau investigation.
- The Bureau publishes a bulletin on private access to the Competition Tribunal (Tribunal).
Competition Act
Merger Monitor
July 1 – July 31, 2026 Highlights
- 27 merger reviews announced, 19 merger reviews completed, with reviews taking 26 calendar days on average
- Primary industries of completed reviews: finance and insurance (21%); real estate and rental and leasing (16%); information and cultural industries (11%); transportation and warehousing (11%); mining, quarrying, and oil and gas extraction (11%)
- Eight transactions received an Advanced Ruling Certificate (42%); nine transactions received a No Action Letter (47%); one transaction was resolved through other means; one transaction was abandoned by merging parties
January 1 – July 31, 2026 Highlights
- 143 merger reviews announced, 136 merger reviews completed, with the reviews taking 41 calendar days on average
- Primary industries of completed reviews: manufacturing (18%); mining, quarrying, and oil and gas extraction (15%); real estate and rental leasing (13%); finance and insurance (10%)
- 51 transactions received an Advanced Ruling Certificate (38%); 73 transactions received a No Action Letter (54%); four transactions were completed via consent agreement; six transactions were resolved through other means; two transactions were abandoned by the parties
Merger Reviews Completed Year to Date Through July 31, 2026, by Primary Industry
Enforcement Activity
Criminal Deceptive Marketing Charges Laid Against Two Individuals Following Bureau Investigation
- On July 28, 2026, the Bureau announced that criminal charges were laid against two individuals in connection with an alleged online passport service scam. The Bureau alleged that the individuals had engaged in criminal deceptive marketing by operating businesses under the names Passport Online and Passport Express and using websites and online advertisements that falsely suggested consumers were dealing directly with the Government of Canada for expedited passport services. In addition, both individuals face concurrent charges under the Criminal Code for fraud over C$5,000 and possession of proceeds of crime in connection with the scam.
Bureau’s Challenge to Keyera Corp.’s Acquisition of Plains All American Pipeline L.P.’s Natural Gas Liquids Business Continues
- On July 28, 2026, the Bureau filed a reply to the responses of Keyera Corp. and Plains All American Pipeline L.P.’s (Plains), maintaining that Keyera’s acquisition of Plains’ Canadian natural gas liquids (NGL) business is presumptively anti-competitive. Among other things, the Bureau argued that (1) the transaction would further concentrate NGL processing and fractionation services at the Fort Saskatchewan Hub, (2) entrench Keyera’s market power, (3) eliminate Plains as an important competitive constraint, (4) increase the risk of coordination among remaining market participants, and (5) reduce opportunities for future entry and expansion through greater control of critical infrastructure. The Bureau submitted that the respondents’ alleged pro-competitive benefits do not overcome the presumption of harm and that, if required, dissolution remains an available remedy to restore competition to pre-merger levels. For more information, see our Blakes Competitive Edge™: April 2026 Update and our Blakes Competitive Edge™: May 2026 Update.
Non-Enforcement Activity
Bureau Publishes Bulletin on Private Access to the Tribunal
- On August 4, 2026, the Bureau published a revised bulletin regarding its role in private access applications to the Tribunal, following recent amendments to the Competition Act that eliminated private access for greenwashing-related cases. The Bureau highlighted that it may (1) make written representations on whether the Tribunal should grant leave to the private applicant, (2) intervene in the private access application, or (3) apply to have an agreement that resolves a private access proceeding varied or rescinded. For more information about the private access regime, see our Blakes Bulletins: Canada Expands Private Litigation Regime Under Competition Act: Expanded Scope and New Monetary Compensation and Competition Act’s Private Access Regime Picks Up Steam.
Bureau Submits Comments on Billy Bishop Airport Consultation
- On July 21, 2026, the Bureau made a submission to Transport Canada’s consultation on the future of Billy Bishop Toronto City Airport. Among other things, the Bureau recommended that a technology-neutral approach be taken for aircraft restrictions, under which restrictions would be based on noise and environmental performance rather than the type of aircraft used. It also suggested that decision-makers should consider whether restrictions on permitted aircraft, operating hours, airport expansion and noise levels should be adjusted to enhance competition.
Investment Canada Act
Foreign Investment Monitor
Cultural Investments
2026 Q2 Highlights
- Two reviewable investment approvals and two notifications filed (one filed for an acquisition, one for the establishment of a new Canadian business)
- Country of ultimate control: United States (25%); Saudi Arabia (25%); Switzerland (25%); India (25%)
2026 Q1 – Q2 Highlights
- Five reviewable investment approvals and five notifications filed (four filed for an acquisition, one for the establishment of a new Canadian business)
- Country of ultimate control: United States (50%); Switzerland (20%; Saudi Arabia (10%); India (10%); United Kingdom (10%)
Investment Canada Act Cultural Investment Filings and Approvals, January – June 2026
Non-Cultural Investments
June 2026 Highlights
- 98 notifications filed (64 filed for acquisitions, 34 for the establishment of a new Canadian business)
- Country of ultimate control: United States (49%); Pakistan (6%); United Kingdom (5%); India (5%)
January – June 2026 Highlights
- One reviewable investment approval and 595 notifications filed (430 filed for acquisitions, 161 for the establishment of a new Canadian business, and four approved net benefit applications)
- Country of ultimate control: United States (55%); United Kingdom (6%); France (5%); Pakistan (5%)
Investment Canada Act Non-Cultural Investment Filings and Approvals, January – June 2026
Blakes Notes
- On July 28, 2026, Blakes published Foreign Investment in Canada: Navigating the Investment Canada Act From Net Benefit to National Security, a guide examining the key trends shaping foreign investment reviews in Canada and offering practical insights for navigating an increasingly complex regulatory environment.
- On August 13, 2026, Blakes published Behind the Scoreboard: Legal Considerations in Buying and Selling Sports Franchises in Canada, a bulletin summarizing the key legal and regulatory considerations associated with investments in Canadian professional sports teams.
Contact Us
If you have any questions, please do not hesitate to contact your usual Blakes contact or any member of the Blakes Competition, Antitrust & Foreign Investment group.
