Brazil: Competition watchdog sets own limits for ‘fast-track’ merger review

Brazil’s Administrative Council for Economic Defense (CADE) has released Resolution No. 16, in which the agency has set its own limits and obligations for the process of ‘Fast-Track Proceeding’ merger notifications. The resolution makes the regulator responsible for approving or challenging any new business merger entered within the scheme -directed towards low-level mergers- within 30 days from the date of notification.

Any period beyond the 30 day limit must be justified before the General Superintendence, CADE’s highest authority. The case is also automatically transformed into a First Priority case for review. Brazil’s competition law sets a maximum limit of 240 days for any merger review process.

This 30 day limit does not include the 15-day period, after publication, during which a third party or CADE itself may raise objections before the regulator. The time restrictions, already a long-standing voluntary practice at the agency, is now enshrined as an obligation by the Resolution.

Full Content: Mondaq News

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.