CADE in 2024: more clarity around filing requirements and a focus on monitoring players in digital markets
Brazil’s antitrust authority, the Administrative Council for Economic Defense (CADE), reviewed approximately 700 transactions in 2024 – a record number for a single year. In light of this record volume, discussions at CADE have focused on which types of transactions would need to be filed. Recent key examples include decisions at CADE’s Tribunal concerning the definition of an economic group for the purpose of calculating revenues, as well as decisions on the assets that are considered within the scope of a concentration (i.e., a merger) if acquired.
CADE is also monitoring discussions on the potential regulation of digital platforms, having actively provided input in a process carried out by the Economic Reform Secretariat of the Brazilian Ministry of Finance (SRE/MF) throughout 2024. This culminated in a series of proposals for legal and infra-legal changes to foster competition in digital markets.
The discussions at CADE are highly important, as they result in a clearer understanding of how the authority interprets certain issues that companies and their advisors need to consider – both in regard to which entities should be contemplated when calculating a company's revenue (and that of its economic group), as well as whether it is necessary to notify CADE when certain assets are acquired. This search for greater clarity is a positive development, and it creates a more predictable, legally certain environment for companies to operate in
Marcio Soares
Partner
CADE has been very active in keeping track of and participating in discussions related to digital markets. The authority has already announced that it will conduct new market studies and is expected to continue monitoring corporate transactions and commercial conduct involving platforms or other agents operating in these markets
Renata Zuccolo
Partner
Recent changes at the Brazilian Antitrust Authority’s (CADE) Tribunal include four new commissioners, as well as changes within its General Superintendence and Department of Economic Studies
Guidelines systematize CADE’s analytical framework and provide increased legal certainty
CADE’s Tribunal also recently analyzed issues related to purchasing groups and the relationship between competition defense and potentially controversial sector regulations
Recent merger control discussions at Brazil’s Antitrust Authority have addressed the calculation of gun-jumping fines and issues with real estate asset acquisitions and project finance transactions
