The Competition Bureau says that the Canadian affiliate of The Royal Bank of Scotland Group (RBS Canada) has dropped its opposition to a court order requiring it to produce certain documents as part of the Bureau’s investigation into possible LIBOR manipulation.

LIBOR — short for the London Interbank Offered Rate — is a collection of rates designed to measure the cost of borrowing between banks.

The Bureau announced that RBS Canada has abandoned its challenge to an order that was issued by the Ontario Superior Court of Justice in May 2011, compelling the Canadian affiliates of various banks, including RBS Canada, to provide the Bureau with various records located outside of Canada.

RBS Canada challenged the order on procedural grounds, and as a violation of the Charter of Rights and Freedoms, the Bureau notes.

Now that the bank has dropped its opposition, the Bureau says it will be able 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 Bureaus says; adding that it is currently considering its options for recovering the costs of responding to the bank’s challenge.