Law No. 12,529/2011 (“New Brazilian Antitrust Law”) came into force on May 29, 2012. In order to introduce procedures and regulations for the new Brazilian antitrust system, the Administrative Council for Economic Defense (“CADE”) has issued four new resolutions. The resolutions contemplate the following: (i) CADE’s Internal Rules; (ii) applicable transaction filing rules; (iii) applicable categories of relevant segments of businesses for the purpose of calculating antitrust fines; and (iv) guidelines for technical opinions that may submitted to CADE.
In addition to CADE’s above mentioned resolutions, the Ministers of Justice and Finance have issued an ordinance increasing the turnover threshold applicable to mandatory filing for antitrust clearance purposes.
These new rules were published in the Brazilian Official Gazette on May 31, 2012 and are already in effect.
Observations in this update about Brazilian law are by Tauil & Chequer Advogados. They are not intended to provide legal advice to any entity; any entity considering the possibility of a transaction must seek advice tailored to its particular circumstances.