Antitrust Law Daily Wrap Up, ANTITRUST NEWS: Canada Competition Bureau discontinues LIBOR investigation, (Jan 6, 2014)
Organizations Mentioned:RBS Canada | Royal Bank of Scotland Group
The Canada Competition Bureau is discontinuing its investigation of alleged collusive conduct into the setting of Yen LIBOR rates and their use in pricing Interest Rate Derivative products, according to a January 3 announcement.
The investigation was discontinued because evidence was insufficient to justify prosecution under the former criminal conspiracy provision in section 45 of the Competition Act, the Competition Bureau stated. Prior to March 2010 amendments to the Act, the criminal conspiracy provision required proof of significant anticompetitive economic effects.
The Bureau began investigating the alleged collusive conduct in early 2011, using formal powers—such as court orders—to obtain evidence from numerous parties. It coordinated its investigation with enforcement agencies in numerous jurisdictions.
The agency insisted on compliance with the court orders by all parties. It opposed a Royal Bank of Scotland Group (RBS Canada) challenge to a document production order by the Ontario Superior Court of Justice, requiring RBS Group to produce records located outside of the Canada. When RBS Canada abandoned its challenge, the Bureau moved forward with the investigation.
Companies: Royal Bank of Scotland Group; RBS Canada
News: Antitrust