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Competition Bureau's LIBOR investigation: RBS Canada abandons challenge

OTTAWA, May 31, 2013 — The Canadian affiliate of The Royal Bank of Scotland Group (RBS Canada) has abandoned its challenge to an order issued by the Ontario Superior Court of Justice (SCJ) in May 2011 compelling it to produce certain records to the Competition Bureau.

On May 18, 2011, the SCJ issued orders under section 11 of the Competition Act against a number of companies. These orders compelled the Canadian affiliates of the banks under investigation, including RBS Canada, to produce to the Bureau various records located outside of Canada.

RBS Canada subsequently filed an application in the SCJ seeking an interim stay and challenging the order issued against it. In particular, RBS Canada challenged the order on procedural grounds related to the interpretation of section 11 of the Act and as a violation of the Charter of Rights and Freedoms.

The abandonment comes approximately 18 months after the launch of the challenge and will allow the Bureau to move forward with its investigation of alleged collusive conduct into the setting of Yen LIBOR rates. With the abandonment of its challenge, RBS Canada is now required to comply with the order issued against it by June 28, 2013. The Bureau is currently considering its options for recuperating the costs arising from the resources expended to respond to RBS Canada's now abandoned challenge.

A section 11 order is one of several tools that ensure the Bureau has the ability to gather the necessary information located within and outside Canada required to perform thorough investigations and to take effective enforcement action when warranted. The Bureau must ensure that it has access to all the information required to conduct a sufficiently thorough investigation of alleged anti‑competitive behaviour.

The Competition Bureau, as an independent law enforcement agency, ensures that Canadian businesses and consumers prosper in a competitive and innovative marketplace.

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