Competition Bureau Advances Investigation into Broadridge’s Business Practices
Ottawa, November 26, 2024 – The Competition Bureau has announced that it is advancing an investigation into the business practices of Broadridge Financial Solutions, Inc. (“Broadridge”). The investigation focuses on allegations of anti-competitive conduct by Broadridge in the Canadian proxy voting services market.
The Bureau received a complaint from a market participant alleging that Broadridge has engaged in conduct that may have hindered competition and prevented new entrants from effectively competing in the Canadian market. The complaint specifically alleges that Broadridge has been:
- Engaging in exclusive dealing arrangements with certain issuers
- Bundling its services in a manner that makes it difficult for competitors to offer individual services
- Refusing to deal with certain competitors
- Charging excessive prices for its services
The Competition Bureau’s investigation will examine whether Broadridge’s conduct has had, or is likely to have, a substantial lessening or prevention of competition in the Canadian proxy voting services market. The Bureau will also consider whether Broadridge’s conduct has resulted in harm to consumers or the Canadian economy.
“The Competition Bureau is committed to ensuring that Canadian markets are competitive and fair,” said Matthew Boswell, Commissioner of Competition. “We will not hesitate to take action against businesses that engage in anti-competitive conduct.”
The Bureau’s investigation is ongoing. The Bureau is not commenting further at this time.
About the Competition Bureau
The Competition Bureau is an independent law enforcement agency that promotes competition and investigates anti-competitive conduct in Canada. The Bureau’s mandate is to ensure that Canadian businesses and consumers participate in a competitive and innovative marketplace.
Contact Information
For further information about the Competition Bureau’s investigation, please contact:
Media Relations Competition Bureau Canada 819-997-9820 mediarelations@cb-bc.gc.ca
Competition Bureau advances an investigation into Broadridge’s business practices
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