Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
ISED Launches Competition Act Review: Consultation on the Future of Competition Policy in Canada
Effective and up-to-date competition law and enforcement are necessary to promote a competitive marketplace that favours prosperity and affordability for Canadians. The Competition Act plays a critical role in protecting consumers and promoting dynamic and fair markets that benefit consumers, businesses and workers alike.
- Modernizing Competition Law: In February 2022, the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, announced his intention to undertake a review of the Act, beginning with immediate, targeted improvements, followed by further consultations to consider broader changes.
- Several amendments to the Act, introduced in the Budget Implementation Act, 2022, No 1, came into force with royal assent in June 2022, as a first step to modernizing the Competition Act.
See:
Canada’s Competition Consultation Continues (thanks Senator Colin Deacon)
Canada’s Competition Problem: 7 Reasons
Is productivity, wealth creation and competition at the forefront of Canada’s growth agenda?
Ipsos Survey: Most Canadians Say (88%) We Need More Competition
Matthew Boswell, Commissioner of Competition, Pushes to Modernize the Competition Act
C.D.Howe Report: Canada’s Weak Business Investment Threatens Prosperity
Nov 20, 2017: NCFA Canada Welcomes Competition Bureau’s recommendations to encourage competition and innovation in Canada’s financial services sector
- Public Consultation: Now, the Government of Canada is undertaking further consultation to canvass Canadians for their views on the future of the Act and its enforcement, potentially leading to further measures to update Canada's competition law and policy framework for the modern economy.
- The Government of Canada welcomes your perspective and comments on a wide range of issues, including how to ensure the law and its provisions remain effective in serving our national interest, and how to improve or protect competition in emerging data and digital markets.
- These ideas are outlined in:
- the consultation scene setter, entitled Making Competition Work for Canadians
- the discussion paper, entitled The Future of Competition Policy in Canada.
- How to participate:
- To participate, submit your feedback in our online consultation form no later than February 27, 2023.
- If you have any questions, please contact us at competition-consultation-concurrence@ised-isde.gc.ca.
- The Marketplace Framework Policy Branch will review the comments received and publish information about findings and next steps on this web page.
The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, made the following statement:
"Maintaining an effective and up-to-date competition law is key to building a growing and innovative economy, which will result in not only more competitive prices and product choices for Canadians but also fair markets for workers and businesses."
Continue to the original release --> here
Submit your comments to the 'Future of competition policy in Canada' --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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