On July 12, 2007, the Minister of Industry, Maxime Bernier, and the Minister of Finance, Jim Flaherty, announced the creation of a Competition Policy Review Panel to be chaired by Mr. Lynton Ronald Wilson. The other panelists include Mr. N. Murray Edwards, Ms. Isabelle Hudon, Mr. Thomas Jenkins and Mr. Brian Levitt.

The Government’s stated objective in establishing this Panel is to ensure that Canada’s competition and foreign investment policies keep pace with the global economy. The Panel's core mandate is to review the Competition Act and the Investment Canada Act. As part of its review, the Panel will consider competition and investment regimes of other jurisdictions to assess reciprocity between their rules and Canada’s.

In its review of Canadian competition policy, the Panel may examine the meaning of market dominance in global markets.

The Panel will examine a number of elements of the Investment Canada Act. The Act’s "net benefit" test will be reviewed to determine whether it "is designed appropriately to capture the range of benefits that are crucial to Canada’s economic success". The Panel will also examine Canada's sectoral restrictions on foreign direct investment. Additionally, Canada's investment policies will be reviewed to determine whether they effectively encourage Canadian firms to invest abroad. The Panel will also advise on whether the Investment Canada Act should address national security concerns, as well as acquisitions by foreign state-owned enterprises with non-commercial objectives.

The Panel will report its recommendations to the Minister of Industry by June 30, 2008. The Government has indicated that these recommendations could form the basis of a legislative agenda.