The Wall Street Journal, Bloomberg, Globe and Mail and others have reported that the Competition Bureau (the “Bureau”) is investigating alleged price-fixing in the setting of interbank lending rates.
Interbank rates include the London interbank offered rate (“LIBOR”), Tokyo interbank offered rate (“TIBOR”) and euro interbank offered rate (“Euribor”).
The essence of the allegations in this ongoing and global case appears to be whether, if true, the fixing of interbank rates adversely affected the price of derivative and other financial products (such as credit default swaps, mortgages, etc.).
Freshfields has published an interesting review of global antitrust trends for 2012 entitled Global antitrust in 2012: 10 key themes.
This rather fine Freshfields article discusses the following 10 trends for 2012:
1. Cartels: cracking down on anti-competitive information exchange.
2. More aggressive investigation techniques.
3. Focus on supply and distribution networks.
4. Consumer action: a growing threat of private claims and class actions.
5. Cross-border M&A: going beyond traditional competition rules.
6. The challenges of rapidly developing industries.
7. Antitrust scrutiny of financial services.
8. Single-firm conduct in a global market-place.
9. Asia: active enforcement by rapidly developing regimes.
10. Protection of human rights in antitrust cases.
A question commonly posed to competition counsel, including me, when talking about the risks of meetings between competitors and information exchanges (for example in the trade association context) is whether it is illegal to merely talk about competitively sensitive information – for example, prices, costs, markets, customers, suppliers, strategic or business plans and so on.
In an interesting speech issued a little while back (Antitrust Issues Related to Benchmarking and Other Information Exchanges), Thomas Rosch, a Commissioner of the U.S. Federal Trade Commission, addresses a number of current and historical issues related to information exchanges and benchmarking. Given that many of the same issues can arise regardless of jurisdiction (though enforcement agencies in Europe tend to approach the issue more strictly), I thought I would post some of the highlights of his remarks.
In a recent case that nearly escaped our attention, given that we’re usually following Competition Act developments, Health Canada’s tobacco inspectors seized more than 25 million units of little cigars and other tobacco products apparently destined for little people.
According to the Government, it wanted to “send a strong message that marketing tobacco to children and youth is unacceptable.”
MARCH 27, 2012 – Toronto
Advertising Standards Canada (“ASC”) will be holding an introductory seminar relating to its Canadian Code of Advertising Standards, “Canada’s principal instrument of advertising regulation.”
On February 9, 2012 a Revised Scheduling Order was issued and a Notice of Motion was filed by The Toronto Real Estate Board (“TREB”) in the ongoing Commissioner of Competition v. The Toronto Real Estate Board abuse of dominance (monopoly) case.
The Competition Bureau (the “Bureau”) and other Canadian regulatory authorities have markedly increased their enforcement of misleading advertising in the past several years. The following is a brief summary of some of the penalties imposed (or agreed to pursuant to settlement agreements) in Canadian advertising and marketing law cases.
From the CCIL:
“We are pleased to remind you of a mini-conference that CCIL will host the afternoon of Thursday March 8, 2012, from 13:00 to 17:30, in Montreal, the same location as the Jessup Tournament (the Fairmont Queen Elizabeth Hotel). You must be a CCIL member to attend (note regular or student registration at the 2011 conference included membership). Places are limited and attendees will be accepted at a first-come first-served basis when registered online.
To become a CCIL member, please go to www.ccil-ccdi.ca and click on “Become a Member.” Membership fees are $85 (regular) or $25 (student) and valid until November 7, 2012.
Topics for the mini-conference include the following: (i) Investment Obligations in Times of Crises, chaired by Adam Douglas from the Canadian Trade Law Bureau; (ii) Recognition of States at International Law, chaired by Charles Emmanuel-Côté from Université Laval; and (iii) Responsibility to Protect Against International Humanitarian and Human Rights Violations.
The preliminary program is now available. Please click here.”
For more see:
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Templates/precedents and checklists to run promotional contests in Canada
Templates/precedents and checklists to comply with Canadian anti-spam law (CASL)
