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Cartel participation as well as the act of contributing to the
implementation of a cartel can lead to substantial fines. The
European Commission recently imposed a fine of nearly EUR 15
million on interdealer broker ICAP
for facilitating six of the seven cartels amongst banks in the
sector of Yen interest rate derivatives. A variation on the
accessory role of cartel facilitators as laid down in earlier
EU case law, so it seems. This time, the company involved did
not merely assist in the implementation of the cartel by organising
meetings and covering up evidence of the infringement, but also
allegedly facilitated the cartels by disseminating misleading
information and using its contacts at banks to influence benchmark
submissions. Companies should therefore keep in mind that the
cartel prohibition covers all levels of cartel participation,
whether active, passive or subsidiary.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
