Timelines for Notification and Clearance
Statutory Waiting Periods for Notifiable Transactions The initial statutory waiting or no-close period is 30 days from receipt of a complete notification from each party to the transaction (except in the case of an unsolicited share acquisition, in which the waiting period commences upon receipt of a complete notification from the purchaser). In circumstances in which the Bureau requires additional information to complete its review, the Commissioner may issue a supplementary information request (SIR) prior to expiry of the initial 30-day waiting period, in which case the transaction cannot be completed until 30 days after each party certifies compliance with the SIR. After the second 30-day period has elapsed, the parties may complete the transaction unless the Commissioner obtains an injunction from the Competition Tribunal. When the Commissioner exercises his or her discretion to issue a SIR, the Bureau will generally provide a draft SIR and engage in limited pre-issuance dialogue with each recipient party. SIRs can require extensive document (including electronic records) and data production, and a complete response can take many weeks. In some cases, the Bureau will continue its investigation beyond the expiration of the initial waiting period without issuing a SIR but enter into a “timing agreement” with the parties to address key milestones, such as commitments regarding the earliest closing of the proposed transaction and possible further production requirements. Such timing agreements may also be entered into following expiry of the waiting period 30 days after compliance with a SIR.
NOTIFICATION AND CLEARANCE TIMELINES
Clearance – Expiry of waiting period
– ARC – NAL
Clearance – Expiry of waiting period – NAL
Filing of Notification (with or without request for ARC or NAL)
30-day waiting period
New 30-day waiting period
Issuance of SIR (prohibited from closing)
Compliance with SIR
Application to challenge (may also seek interim order)
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