Michelle Lally

Partner, Osler, Hoskin & Harcourt LLP

One of Canada’s leading competition/antitrust lawyers, Michelle Lally advises on M+A, strategic alliances, price fixing and bid rigging investigations and pricing and distribution issues involving the Competition Bureau and Department of Public Prosecutions.

Media

Foreign investment in Canada

Osler Fall 2017 update, October 5, 2017Online

URL: https://www.osler.com/en/resources/cross-border/2017/foreign-investment-in-canada-osler-fall-2017-upda

It has been an eventful year so far for foreign investment review in Canada. As expected, liberalization has been the dominant theme.

2017 Budget Implementation Act introduces amendments to the Investment Canada Act (co-author)

Osler Update, June 23, 2017Online

URL: https://www.osler.com/en/resources/cross-border/2017/2017-budget-implementation-act-introduces-amendmen

On June 22, 2017, Bill C-44, An Act to implement certain provisions of the budget tabled in Parliament on March 22, 2017 and other measures (the Budget Act), received Royal Assent.

Canadian foreign investment review – what to watch for in 2017 (co-author)

Osler Update, December 21, 2016Online

URL: https://www.osler.com/en/resources/cross-border/2016/canadian-foreign-investment-review-what-to-watch

Significantly higher thresholds for ‘net benefit’ review expected to take effect in 2017 will significantly reduce the scope of investments that are subject to review and approval under the Investment Canada Act.

Revised Intellectual Property Enforcement Guidelines clarify the Competition Bureau’s approach in IP matters (co-author)

Osler Update, April 4, 2016Online

URL: https://www.osler.com/en/resources/regulations/2016/revised-intellectual-property-enforcement-guidelin

Last week, the Competition Bureau released revised Intellectual Property Enforcement Guidelines after engaging in a lengthy consultation period based on a draft released in June 2015.

Nordion resolves 4-year anti-corruption investigation (co-author)

Osler Update, March 4, 2016Online

URL: https://www.osler.com/en/resources/cross-border/2016/nordion-resolves-4-year-anti-corruption-investigat

On March 3, 2016, the United States Securities and Exchange Commission (SEC) accepted an offer in the amount of $375,000 from Nordion (Canada) Inc.

Antitrust Criminal Enforcement White Paper: Immunity, Leniency and Lessons Learned (co-author)

Osler Update, February 9, 2016Online

URL: https://www.osler.com/en/resources/critical-situations/2016/antitrust-criminal-enforcement-white-paper-immuni

Learn how the Commissioner of Competition plans to make significant changes to the immunity and leniency programs in 2016.

Significant changes to Canadian foreign investment review (co-author)

Osler Update, December 9, 2015Online

URL: https://www.osler.com/en/resources/regulations/2015/significant-changes-to-canadian-foreign-investment

There were several significant developments in foreign investment law in Canada in 2015, including the change the "net benefit" review.

Antitrust Advisory: Mid-Year Merger Review Update (co-author)

Osler Update, July 6, 2015Online

URL: https://www.osler.com/en/resources/critical-situations/2015/antitrust-advisory-mid-year-merger-review-update

The first half of 2015 has proven to be busy for the Competition Bureau’s newly established Mergers and Monopolistic Practices Branch. In this Antitrust Advisory, we review some of the Branch’s most notable merger activities year-to-date.

New foreign investment rules will lead to strategically timed takeovers

Lexpert, May 31, 2015Online

URL: http://www.lexpert.ca/article/new-foreign-investment-rules-will-lead-to-strategically-timed-takeovers

Recent changes to the methodology for calculating net benefit review thresholds under the Investment Canada Act could add some strategic wrinkles to foreign takeover tactics.

Significant Changes to Investment Canada Act Review Thresholds, Disclosure Requirements and National Security Review Timelines (co-author)

Osler Update, March 27, 2015Online

URL: https://www.osler.com/en/resources/regulations/2015/significant-changes-to-investment-canada-act-revie

On March 25, 2015, the federal government announced significant changes to the thresholds for determining whether net benefit review under the Investment Canada Act is required as well as more onerous disclosure.

Antitrust Advisory: Fundamentals of the Competition Bureau’s Immunity & Leniency Programs (co-author)

Osler Update, January 15, 2015Online

URL: https://www.osler.com/en/resources/regulations/2015/antitrust-advisory-fundamentals-of-the-competitio

The Competition Bureau’s Immunity and Leniency Programs have proven effective in detecting criminal cartel activity in Canada. In this Antitrust Advisory, we explore the fundamentals of these initiatives.

Bill C-60 introduces more uncertainty on foreign takeovers

Financial Post, National Post, May 22, 2013Online

URL: http://business.financialpost.com/2013/05/22/drew-hasselback-bill-c-60-introduces-more-uncertainty-on-foreign-takeovers/

For the better part of last year, the business community fretted over what the federal government would ultimately do to clarify or modernize the way it reviews takeovers of large Canadian companies by foreign state-owned enterprises or SOEs.

Proposal to expand definition of state-owned enterprise in the ICA goes further than expected

National Post, May 9, 2013Online

URL: http://business.financialpost.com/2013/05/09/alberta-oil-patch-risks-losing-indian-investment-over-ottawas-mixed-messages/?__lsa=173a-1c25

Ottawa is contemplating tweaks to the Investment Canada Act that would broaden the definition of state ownership and potentially subject minority purchases of natural gas and oil sands assets to the opaque net-benefit test, according to an analysis by lawyers at Osler, Hoskin & Harcourt LLP.

Proposed amendments to the ICA introduce a new level of uncertainty into the government’s treatment of proposed investments by the state-owned enterprises

Financial Post, National Post, May 3, 2013Online

URL: http://business.financialpost.com/2013/05/03/feds-get-tougher-on-acquisitions-by-non-canadian-state-owned-enterprises/

Bill C-60, which implements the federal government’s previously announced changes to investments by non-Canadian state-owned enterprises, looks to be considerably broader than the announcements had indicated.

Biography

Michelle Lally is a Senior Partner of Osler's highly regarded Competition Law and Foreign Investment Group. Lally is the past Chair of the Group, former Chair of the National Competition Law Section of the Canadian Bar Association and a Fellow of the American Bar Foundation. She has over 25 years of extensive experience in all aspects of competition law and foreign investment review, including complex domestic and multi-jurisdictional mergers & acquisitions, strategic alliances, monopolization, abuse of dominance, price fixing & bid-rigging investigations and antitrust audits and counselling matters.

Recognition/Reconnaissance

Chambers Global: The World’s Leading Business Lawyers, 2018 | Professional

Recognized in the area of Competition/Antitrust

The Legal 500, 2018 | Professional

Recognized as a leading lawyer in the area of Competition & Antitrust

Chambers Canada: Canada’s Leading Lawyers for Business, 2018 | Professional

Recognized in the area of Competition/Antitrust, Nationwide – Canada

The Best Lawyers in Canada, 2018 | Professional

Recognized in the area of Competition/Antitrust Law

Expert Guides: Women in Business Law, 2017 | Professional

Competition and Antitrust

The Lexpert Guide to the Leading US/Canada Cross-Border Corporate Lawyers in Canada, 2017 | Professional

Recognized in the area of Competition/Antitrust

The Lexpert Guide to the Leading US/Canada Cross-border Litigation Lawyers in Canada, 2017 | Professional

Competition Law

The Canadian Legal Lexpert Directory, 2017 | Professional

Consistently recommended in the area of Competition Law

Who’s Who Legal, 2017 | Professional

Recognized in the area of Competition

The International Who's Who of Competition Lawyers & Economists | Professional

Competition

Expert Guides: The Legal Media Group Guides to the World’s Leading Lawyers | Professional

Competition and Antitrust

Expert Guides: Leading Practitioners in China | Professional

Competition and Antitrust – International

Additional Titles and Affiliations

Canadian Bar Association

Former Chair of the National Competition Law Section

American Bar Association

Section of Antitrust Law

American Bar Foundation

Life Fellow

Women’s White Collar Defense Associations

Past Talks

“Debating the Efficiencies Defence” (Moderator)

CBA Competition Law Fall Conference

Canadian Bar Association, October 26, 2017

“Risk Mitigation: Antitrust guidance for HR professionals” (Speaker)

Employment Law Update: From Compliance to Tech

Osler's Employment & Labour Group Webinar, January 25, 2017

“Vertical Practices: Still more abuse” (Discussion Leader)

2016 Forum on Competition Law

The Canadian Institute, November 9, 2016

“The Trouble with TREB: Lessons Learned and the Future of Abuse of Dominance in Canada” (Panelist)

CBA Competition Law Fall Conference

Canadian Bar Association, October 6, 2016

Economists Roundtable with the Competition Bureau (Speaker)

The Canadian Bar Association Competition Law Section’s Economics and Law Committee

The Canadian Bar Association, April 27, 2016

Critical Lessons through the Lifecycle of a Criminal Cartel Investigation (Speaker)

Competition Law Live

Osler, Hoskin & Harcourt LLP, September 16, 2015

How Effective Communications Can Help Sell the Deal or Manage a Corporate Crisis (Speaker)

Business Critical Seminar

Osler, Hoskin & Harcourt LLP, June 18, 2015

Ryerson Women in Leadership Conference (Speaker)

Ryerson Women in Leadership

Ryerson University, March 25, 2015

Expertise

  • Competition Law
  • Antitrust Law
  • Competition Bureau
  • Foreign Investment
  • State-owned Enterprises
  • Cartel and Criminal Antitrust
  • Internal Investigations
  • Mergers and Acquisitions
  • Price Fixing
  • Conspiracy and Bid Rigging
  • Investigations

Education/Éducation

  • Osgoode Hall Law School
    LL.M.
  • University of Western Ontario
    LL.B.
  • Queen’s University
    B.A. (Hons.)