The Brazilian Parliament approves new competition law subject to prior significant vetoes

On December 1, 2011, Brazil’s new competition law was published in its final form, having been approved by President Dilma Rousseff. The new law goes into effect on May 29, 2012. Before approving the new law, President Rousseff vetoed several provisions that affect timing of review, settlement procedures and transitional measures. The new law transforms merger review in Brazil by requiring parties to reportable mergers (and other qualifying transactions) to notify and obtain antitrust approval prior to consummating the transaction. This alert highlights key features of the new law (as amended by President Rousseff’s vetoes) and its impact on the antitrust review of mergers and other “acts of concentration” in Brazil. Three important vetoes 1. No automatic approval of transactions upon