HORIZONS: BRAZIL - MERGER CONTROL - REFORM

Brazil: Merger control regime further to the 2012 reform

In 2012, Brazil adopted an ex ante merger control regime. This reform entirely modified the operation of the merger control system, both for the authority, which is now bound by a formal deadline to issue its decisions, and for the notifying parties, which must now wait for approval to close their transactions. This major change has important procedural and substantive ramifications, as illustrated by CADE’s recent case-law. Two years after the reform, the present article provides a general overview of the operation of the new Brazilian merger control system.

I. Introduction 1. With the entry into force of Law No 12,529/2011 on 29 May 2012 (the “new law”), Brazil undertook a vast modernization reform of its competition enforcement system. The new law mainly pursued two objectives: first, the rationalization of the organization of the Brazilian Competition Policy System (“BCPS”), with the institution of a single competition authority regrouping all the investigative and adjudicatory functions; second, the introduction of an ex ante merger control system. 2. The latter point entirely modified the operation of the merger control system in Brazil, both for the authority, which is now bound by a formal deadline to issue its decisions, and for the notifying parties, which must now wait for final approval to close their transactions. This major

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Authors

  • Barbosa, Mussnich & Aragao Advogados (Brazil)
  • Bredin Prat (Paris)

Quotation

Barbara Rosenberg, Pierre Honoré, Brazil: Merger control regime further to the 2012 reform, September 2014, Concurrences N° 3-2014, Art. N° 67805, www.concurrences.com

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