A Standard Clause that may be used by merging parties to condition the transaction's closing on Canadian Competition Act approval in a transaction that is notifiable or may raise competitive concerns in Canada. This Standard Clause discusses the types of approval under the Competition Act, such as when the Canadian Competition Commissioner issues an advance ruling certificate (ARC) or confirms in writing that the Commissioner does not intend to challenge the transaction (a no-action letter or NAL). This Standard Clause has integrated notes with important explanations and drafting tips.