January 3, 2014 — OTTAWA, ON — Competition Bureau
The 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.
The Bureau conducted an exhaustive review of the evidence obtained during its investigation to determine whether a violation of the criminal conspiracy provision in section 45 of the Competition Act, as it read prior to March 2010 amendments to the Act, had occurred. This provision required proof of significant anti-competitive economic effects.
The investigation is being discontinued because the evidence collected was insufficient to justify prosecution under the former criminal conspiracy provision in section 45 of the Act.
- The Bureau began investigating the alleged collusive conduct in early 2011. The Bureau used formal powers, such as court orders, to obtain extensive evidence from numerous parties.
- The Bureau insisted on compliance with the court orders by all parties. It responded to a challenge to the court order by RBS Group. This challenge was subsequently abandoned by RBS Group.
- The Bureau coordinated its investigation with enforcement agencies in numerous jurisdictions.
- Competition laws differ across jurisdictions. Conduct that does not constitute an offence in Canada may constitute an offence in other jurisdictions.
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