moved for leave to introduce Bill C-248, an act to amend the Competition Act.
Mr. Speaker, it must be as a result of the lack of energy in the country that I introduce a bill which was introduced in the last parliament.
As we know, section 96 of the Competition Act creates a veritable loophole for those proposing to take over other competitive interests and as a result create virtual monopolies which have an anti-competitive harm attached to them.
It clarifies the powers of the tribunal and ensures that mergers which ultimately create monopolies as an outcome are unacceptable, particularly if they have harmful effects for consumers.
It is for this reason and in the timely context of the cost of energy being what it is today that the bill is proposed to correct that loophole.
(Motions deemed adopted, bill read the first time and printed)