The Canadian government announced on July 12 that Lynton (Red) Wilson will chair the Competition Policy Review Panel, a group of five prominent business people who will undertake a sweeping review of Canada's industrial legislation. The panel's mandate includes the anticipated review of the Competition Act (including the meaning of dominance in global markets) as well as of the Investment Canada Act (including, as reported in the April edition of The Competitor, the scope of the "net benefit" test, the treatment of state-owned enterprises and a national security review clause). Additional issues on the panel's agenda are Canada's restrictions on foreign ownership in sectors such as banking, telecoms and aviation, reciprocity between Canada's direct investment laws and those of other jurisdictions, and ways in which Canada could further encourage outward investment. The panel is to report by June 30, 2008. Its appointment fulfills a promise first made in the 2006 long-range economic plan, Advantage Canada, and reiterated in the March, 2007 budget. Foreign ownership of Canadian companies has since become the topic of almost daily headlines as Canadian "jewels" such as Inco and Alcan have been targets of foreign takeover bids.