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BMA Barbosa, Müssnich, Aragão | Brazil | 1 Nov 2019

Presidential decree simplifies foreign investment in Brazilian banking sector

A recently issued presidential decree has authorised the Central Bank of Brazil to recognise the government's interest in establishing branches of foreign financial institutions in Brazil and increasing foreign equity participation in Brazilian financial institutions without the need for further presidential authorisation. Prior to the decree's enactment, these matters required the express......
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BMA Barbosa, Müssnich, Aragão | Brazil | 26 Sep 2019

Petrobras closes abuse of dominance investigations through divestment commitments

State-owned oil and gas company Petrobras recently reached two settlements with the Administrative Council for Economic Defence to close five investigations into alleged abuses of dominance in the oil refining and domestic natural gas markets. The settlements have drawn significant attention, as they constitute the first time that divestment commitments have been adopted as a remedy in a......
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BMA Barbosa, Müssnich, Aragão | Brazil | 6 Jun 2019

Importance of contractual control in merger review

The Administrative Council for Economic Defence recently issued a decision on the definition of 'de facto control' under Brazilian competition law. While the decision establishes certain criteria that companies should consider when determining whether their contractual relationships with close partners may confer de facto control, these criteria are somewhat unclear and do not allow companies......
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BMA Barbosa, Müssnich, Aragão | Brazil | 7 Mar 2019

Just desserts: CADE fines company for exclusivity practices in ice cream market

The Administrative Council for Economic Defence (CADE) tribunal recently fined Unilever R29.4 million for abusing its dominant position in the impulse ice cream (ie, ice cream for immediate consumption) market. According to CADE, Unilever had violated competition law by adopting different types of agreement with its points of sale, which had resulted in their de facto exclusivity to sell......
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BMA Barbosa, Müssnich, Aragão | Brazil | 25 Feb 2019

Stock options: local law and international accounting rules

It is hardly surprising that Brazil's adoption of the International Financial Reporting Standards did not mesh perfectly with the Corporations Law. This article discusses the reasons for this incongruity, including that the international accounting model draws more inspiration from common law systems than from Brazil's civil law tradition and the temporal distance between the Corporations Law......
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BMA Barbosa, Müssnich, Aragão | Brazil | 20 Dec 2018

CADE requires ex post review of transactions that do not meet minimum turnover thresholds

The Administrative Council for Economic Defence (CADE) recently requested, for the second time, the compulsory notification of a transaction that did not meet the legal turnover thresholds. This right allows the authority to review the business strategies of successive small acquisitions or acquisitions of nascent rivals in the event that they do not trigger the turnover thresholds. The risk......
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BMA Barbosa, Müssnich, Aragão | Brazil | 29 Nov 2018

Reshuffled CADE adopts new approach for IP cases

In recent years, Brazil's antitrust authority – the Administrative Council for Economic Defence (CADE) – has undergone a reshuffling in terms of the composition of both the Administrative Tribunal (comprising commissioners) and the General Superintendence. Among the issues that have come before the reshuffled CADE, two investigations are particularly notable because they reveal a new trend in......
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BMA Barbosa, Müssnich, Aragão | Brazil | 18 Sep 2018

New data protection law enacted

The president recently approved, with a partial veto, the Project for a General Law regarding Data Protection. The law will regulate the processing of personal data in Brazil. Even though this adaptation may be costly and time consuming, the enforcement of the law is expected to guarantee greater protection of personal data, increasing confidence in Brazil's economic environment.
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BMA Barbosa, Müssnich, Aragão | Brazil | 27 Jul 2018

New rules for credit fintech companies

The National Monetary Council recently issued Resolution 4,656, regulating credit fintech companies. The resolution will allow direct credit companies and interpersonal loan companies to conduct loan and financial operations through electronic platforms. Although it is still uncertain how the market will react to the new rules, the industry is optimistic, considering the significant......
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BMA Barbosa, Müssnich, Aragão | Brazil | 14 Jun 2018

Abuse of dominance enforcement – what's next?

Since the start of 2018, following a period in which it focused on the persecution of cartels, the Administrative Council for Economic Defence (CADE) has directed more resources towards concluding pending abuse of dominance matters and occasionally launching new dominance cases. In so doing, the most pertinent question has become: how will CADE deal with dominance in future?
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