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Brazilian antitrust law
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E
Brazilian Antitrust Law (Law N.º 12,529/11): 5 years
Brazilian
Antitrust Law
(Law N.º 12,529/11): 5 years
Preliminary version
1
Brazilian Antitrust Law (Law N.º 12,529/11): 5 years
FOREWORD
Celebrating IBRAC’s 25th anniversary, we have decided to put together a book with
articles on several topics related to the first five years of application of Law No. 12,529, which
came into force on May 29, 2012.
All of the articles were written by lawyers and economists who are associates of IBRAC,
the majority of them with high experience in antitrust law in Brazil.
We have been honored to receive contributions about different areas of practice, such as
merger control, conducts, cartels, unilateral conducts, private enforcement, compliance, interaction
with corruption law, among others.
We are extremely proud of this high-quality work, prepared with enthusiasm, which we
feel and expect will be helpful to bring more light to the discussions being held in the competition
field in Brazil. We hope that you enjoy this journey. For further information on IBRAC, please visit
our website at www.ibrac.org.br, or write to ibrac@ ibrac.org.br.
April 2017
Eduardo Caminati Anders – President
Guilherme Ribas – Publications Officer
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Brazilian Antitrust Law (Law N.º 12,529/11): 5 years
TABLE OF CONTENTS
Foreword .............................................................................................................................................. 2
About the authors ................................................................................................................................. 6
Glossary ............................................................................................................................................. 15
I. INTRODUCTION
Chapter 1 - The intertwining between CADE and IBRAC and the improvement of the
antitrust framework: a history of success ........................................................................................... 17
Eduardo Caminati Anders, Guilherme Teno Castilho Missali ................................................... 17
II. MERGER CONTROL
Chapter 2 - How does Brazil review multi-jurisdictional merger cases? An empirical study
from the competition authority's perspective ..................................................................................... 29
Anna Binotto Massaro, Bruno Bastos Becker
Chapter 3 - Associative agreements under Brazil’s control of concentrations: the search for
meaning .............................................................................................................................................. 44
Ricardo Botelho, Patrícia Deluca
Chapter 4 - The New Brazilian Guidelines on Horizontal Merger Assessment ................................ 56
Fabiana Tito
Chapter 5 - Efficiencies Analysis in Merger Control in Brazil .......................................................... 64
Aurélio Santos, Andréa Cruz
Chapter 6 - What to expect [or to avoid] when you are expecting: gun jumping issues and
challenges of a pre-merger control regime ........................................................................................ 76
Cristianne Saccab Zarzur, Leonardo Rocha e Silva, Marcos Pajolla Garrido
Chapter 7 - Carve-out arrangements in cross-border transactions and Brazil’s merger control
after Cisco/Technicolor ...................................................................................................................... 85
José Carlos Berardo, Paulo Eduardo Lilla
Chapter 8 - Overview on Merger Control Agreements in Brazil ....................................................... 95
Barbara Rosenberg, Luís Bernardo Coelho Cascão, Vitor Jardim M. Barbosa
Chapter 9 - CADE's remedies practice in vertical integration cases ............................................... 103
Adriana Giannini, Lorena Nisiyama
Chapter 10 - Merger remedies: guiding principles and the Brazilian experience ............................ 110
Bernardo Gouthier Macedo, Silvia Fagá de Almeida, Anna Olimpia de Moura Leite
Chapter 11 - Antitrust enforcement of the prohibition of exercising shareholders’ political
rights................................................................................................................................................. 119
Ricardo Lara Gaillard, Clovis Manzoni dos Santos, Lores Priscila Silva Freitas
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Brazilian Antitrust Law (Law N.º 12,529/11): 5 years
Chapter 12 - Impact of CADE’S decisions on the market value of merging firms: before and
after the new law .............................................................................................................................. 127
Ricardo R. G. Avelino, Edgard A. Pereira
III. CONDUCTS
Chapter 13 - Due Process of Law and the Brazilian Antitrust Authority ........................................ 141
Pedro Paulo Salles Cristofaro, Luisa Shinzato de Pinho
Chapter 14 - Exchange of sensitive information between competitors ........................................... 149
Camila Pires da Rocha, Gabriel Mattioli de Miranda, Priscila Brolio Gonçalves
Chapter 15 - Five years of anti-cartel enforcement under the new Brazilian Antitrust Law:
how changes in the competition regulatory framework balanced the decision matrix in favor
of cooperative solutions ................................................................................................................... 157
Lauro Celidonio Neto, Michelle Machado, Frederico Donas
Chapter 16 - International cartels and their effects in Brazil: an overview of CADE’S recent
case law ............................................................................................................................................ 173
Leonardo Maniglia Duarte, Rodrigo Alves dos Santos, Fernanda Lins Nemer
Chapter 17 - Prosecuting cartels: is relevant market definition necessary? And what about the
per se rule in Brazil? ........................................................................................................................ 185
Mauro Grinberg
Chapter 18 - Eleven lessons one can learn from the CADE’s case law in bid rigging cases .......... 188
Joyce Ruiz Rodrigues Alves
Chapter 19 - Antitrust Enforcement Against Cartels: The Brazilian Experience and Future
Perspectives with Dawn-Raids and Amnesty Programs. ................................................................. 197
Juliana Oliveira Domingues, Eduardo Molan Gaban
Chapter 20 - The liability of individuals in cartel condemnations: the standards of proof and
the weighting criteria for penalties under CADE’s case law ........................................................... 209
Joyce Midori Honda, Adriana Akiko de Andrade, Thales de Melo e Lemos
Chapter 21 - Standard of Proof in Cartel Cases involving Leniency Agreements .......................... 223
Carolina Gattolin de Paula, Patricia Bandouk Carvalho, Tatiana Lins Cruz
Chapter 22 - The leniency avalanche in the first 5 years of the Brazilian antitrust law:
improvements achieved and challenges ahead ................................................................................. 236
Luciana Martorano
Chapter 23 - Brazil’s leniency program and its effects in the compliance culture .......................... 249
Isabela Salomon Reis, Rodrigo Ramos Casagrande
Chapter 24 - Interface between the Brazilian antitrust, anti-corruption, and criminal
organization laws: the leniency agreements
Denis Alves Guimarães ............................................................................................................. 261
Chapter 25 - Recovery actions for cartel damages: state of affairs and challenges for the next
five years .......................................................................................................................................... 274
Bruno Lana Peixoto, Ludmilla Martins da Silva
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Brazilian Antitrust Law (Law N.º 12,529/11): 5 years
Chapter 26 - The relationship between public and private enforcement: access to evidence,
burden of proof and legal presumptions .......................................................................................... 285
Adriano Camargo Gomes, Fernanda Garibaldi
Chapter 27 - The Brazilian experience involving settlement agreements in unilateral conducts .... 297
Bruno Droghetti Magalhães Santos, Natali de Vicente Santos, Jaqueliny Moraes Larangeiras
de Lima Guimarães
Chapter 28 - Abusive exercise of intellectual property rights in Brazil. CADE case analysis. ....... 308
Simone Villaça Aguiar
Chapter 29 - CADE and the sham litigation theory: the abuse of the right of access with
antitrust effects ................................................................................................................................. 316
Luis Gustavo Miranda, Maria João C. P. Rolim, Renata Guimarães Pompeu
IV. OTHER TOPICS
Chapter 30 - The compliance guidelines and the rise of the antitrust soft law in Brazil ................. 324
Guilherme F. C. Ribas, Vinícius da Silva Ribeiro
Chapter 31 - The assumption of cases in the financial market by the Competition Law ................ 332
Vicente Bagnoli, Amanda Navas, Maria Fernanda Madi
Chapter 32 - Overview of the interplay between cade and the prosecution office in the fight
against cartels in Brazil .................................................................................................................... 341
Gabriela Reis Paiva Monteiro, Livia Gândara
Chapter 33 - CADE’s market studies in light of the principles and recommendations of the
international competition network (ICN): an overview ................................................................... 351
Marcel Medon Santos, Vivian Fraga do Nascimento Arruda, Jackson de Freitas Ferreira
Chapter 34 - Competition policy and the relationship with the judiciary ........................................ 362
Patricia Agra Araujo
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Brazilian Antitrust Law (Law N.º 12,529/11): 5 years
ABOUT THE AUTHORS
Adriana Akiko de Andrade. Senior associate of the antitrust practice group of Souza, Cescon,
Barrieu & Flesch Advogados. Law degree from Universidade Presbiteriana Mackenzie (São Paulo).
LL.M. in International and European Economic Law from the University of Saarland (Germany).
LL.M. in International Legal Studies from Georgetown University Law Center (Washington DC).
Adriana Giannini. Partner at Trench Rossi Watanabe. Graduated from Pontifícia Universidade
Católica Law School (São Paulo). Post-graduation in Corporate and Economic Law from Fundação
Getúlio Vargas (São Paulo). LL.M. from University of London, King's College.
Adriano Camargo Gomes. Partner at Camargo e Gomes Advogados. Masters Degree in Law from
the University of Oxford. PhD candidate in Civil Procedure at the University of São Paulo.
Amanda Renata Enéas Navas. Lawyer at Vicente Bagnoli Advogados. Masters in Legal and
Economic Sciences at the University of Lisbon. Post graduated in Public Regulation and
Competition by the University of Coimbra. Specialist in Business Law from Pontifical Catholic
University (Rio de Janeiro). Member of the Antitrust Section of the Brazilian Bar Association (São
Paulo).
Andréa Cruz. Associate lawyer at Cascione, Pulino, Boulos & Santos Advogados, integrating the
practice areas of Competition and Antitrust and International Trade. LL.B., Law School of the
University of São Paulo. Post-Graduate Degree in Economic Law, Fundação Getulio Vargas (FGV-
SP). Assistant to the Permanent Mission of Brazil to the World Trade Organization in Geneva
(May-July, 2016).
Anna Olimpia de Moura Leite. Master’s degree in economic theory and Bachelor’s degree in
economics from the University of São Paulo, with experience in Competition Economics. Former
technical advisor at the São Paulo Mayor’s Office and at the São Paulo Municipal Department of
Finance and Economic Development.
Anna Binotto Massaro. Law student at University of Sao Paulo Law School. Former research
assistant at the Center for Law, Economics and Governance of Getulio Vargas Foundation.
Participant of the Yale Law School Latin America Linkages Program in 2016.
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Brazilian Antitrust Law (Law N.º 12,529/11): 5 years
Aurélio Santos. Leading partner of Cascione, Pulino, Boulos & Santos Advogados Competition
and Antitrust, International Trade, Regulation, Dispute Resolution and Civil Litigation practice
areas. Recognized among the best Competition and Antirust lawyers in Brazil by Chambers and
Partners, Latin Lawyer, The Legal 500. LL.B, Law School of University of São Paulo. LL.M., Law
School of University of São Paulo.
Barbara Rosenberg. Partner at Barbosa, Müssnich & Aragão Advogados. Head of the Antitrust
Division at the SDE (2003-2005). Bachelor degree; Ph.D from USP. LL.M. from the University of
California at Berkeley. Vice-President of IBRAC. ICN “Non-Governmental Advisor”. Member to
the International Task Force of the Antitrust Section. Awarded as the “Lawyer of the Year” granted
by GCR Award in 2015.
Bernardo Macedo. Managing Partner at LCA Consultores. Degree in economics from the Federal
University of Minas Gerais. PhD from the University of Campinas. Head of LCA’s Economics and
Law Practice. Formerly special advisor to the Ministry of Finance (2003). Former officer at
IBRAC. Recognized since 2012 by Global Competition Review, Who’s Who of Competition
Economists. ICN NGA.
Bruno Droghetti Magalhães Santos. Post graduated in Economic Law at Escola de Direito de São
Paulo of Fundação Getúlio Vargas. Graduated in Law at Fundação Armando Álvares Penteado
(FAAP). Lawyer in São Paulo. Member of IBRAC’s Economic Litigation Commission. Member of
the Antitrust Law Commission of the Brazilian Bar Association (Sâo Paulo).
Bruno Lana Peixoto. Partner and head of the Antitrust Practice at Araujo e Policastro, focusing on
representing corporate clients in recovery actions for cartel damages and devising recovery
strategies in international cartel cases. Vice-Chair of the International Antitrust Committee of the
ABA, Section of International Law. LL.M. degree from the University of Chicago.
Bruno Bastos Becker. LL.M. candidate at Yale University. Ph.D. candidate at the University of
São Paulo. Former researcher at the Center for Law, Economics and Governance of Getulio Vargas
Foundation. Scientific Director of the Law and Economics Institute of Rio Grande do Sul (IDERS)
and former Treasury Director of the Brazilian Law and Economics Association (ABDE).
Camila Pires da Rocha. Law graduated from the Universidade de São Paulo. Associate at Vella,
Pugliese, Buosi e Guidoni – Advogados antitrust team.
Carolina Gattolin de Paula. Senior associate at the TozziniFreire antitrust group with experience
advising clients on all areas of competition law, including mergers, investigations, leniency and
compliance. Master's Degree in Constitutional Law from the University of São Paulo.
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Brazilian Antitrust Law (Law N.º 12,529/11): 5 years
Clovis Manzoni dos Santos Lores. Associate in the Antitrust Department at Souza, Cescon,
Barrieu & Flesch Advogados. Degree in Law from UniCEUB – Centro Universitário de Brasília.
Specialist in Competition Law by Fundação Getúlio Vargas. MBA degree by Fundação Getúlio
Vargas. CADE’s official from 2007 to 2013 (Administrative Director).
Cristianne Saccab Zarzur. Partner of the Competition Law Practice Group at Pinheiro Neto
Advogados. LL.B. degree from the Mackenzie University (São Paulo). Specialization degree in
economics from the Getúlio Vargas Foundation. Foreign associate at Howrey Simon Arnold &
White, LLP (2000/2001). Former President and currently permanent Board Member of IBRAC.
Denis Alves Guimarães. Partner at AGPR. Lecturer of the Master of Laws Program at
Universidade Católica de Brasília. Former official of the Secretariat of Economic Law. PhD in
Economic and Public Finance Law from the University of Sao Paulo – USP. Former Michigan
Grotius Research Scholar in Public Law and Regulatory Policy at the University of Michigan.
Member of the ABA, APPAM, and IBA.
Edgard Antonio Pereira. Economist gratuated from Universidade Estadual de Campinas. Master,
PhD in Economics from the Universidade Federal do Rio de Janeiro. Professor of Economics at
Universidade Estadual de Campinas. Visiting researcher at Centre d’Économie de La Sorbonne,
Université Paris 1 Panthéon – Sorbonne. Visiting Scholar at the Economics Department of the
University of California, Berkeley.
Eduardo Caminati Anders. Partner at Lino, Beraldi, Belluzzo and Caminati Advogados, Head of
the Antitrust area. Chairman of the Board of Directors of IBRAC. Member of the Applied
Corporate Law Institute – IDSA. Former Chairman of the Antitrust Commission (CECORE) of the
Brazilian Bar Association (São Paulo). Graduated from the Faculty of Law of the University of São
Paulo – USP.
Eduardo Molan Gaban. Professor of Antitrust Law at the LL.M Program on Global Cartel
Enforcement at The Loyola University of Chicago. PhD from PUC/SP. Former Visiting Fulbrighter
at the New York University School of Law. Partner at Tauil & Chequer in Association with Mayer
Brown LLP, head of the Brazilian Antitrust group. Non-governmental advisor at the ICN (Cartel
Working Group).
Fabiana Tito. Senior Economist at Tendências Consultoria Integrada. PhD candidate in Economics
at University of São Paulo. Joint Master’s Degree in Economics and Competition Policy from the
Universitat Pompeu Fabra and Universitat Autònoma de Barcelona. Former General Coordinator at
Secretariat of Economic Law. Antitrust experience in international consulting as LECG and RBB
Economics.
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Brazilian Antitrust Law (Law N.º 12,529/11): 5 years
Fernanda Garibaldi. Associate at Barbosa Müssnich Aragão. Masters Degree Candidate in
International Law at the University of São Paulo.
Fernanda Lins Nemer. Associate at Veirano Advogados focusing on competition law and
anticorruption compliance in Brazil. LL.B degree from the Law School of Universidade do Estado
do Rio de Janeiro.
Frederico Carrilho Donas. Senior associate in Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga
Advogados. Over ten years of experience advising both domestic and international clients in a wide
range of antitrust matters, including merger review cases, antitrust investigations, judicial litigation,
general antitrust counseling, internal auditing, and compliance programs and training.
Gabriel Mattioli de Miranda. Graduated in Law by the Universidade de São Paulo. Associate at
Vella, Pugliese, Buosi e Guidoni – Advogados antitrust team.
Gabriela Reis Paiva Monteiro. Associate at Veirano Advogados, with experience in Antitrust Law
and Compliance. Master student Regulatory Law at Fundação Getulio Vargas – Direito Rio. Post-
graduation degree in Civil Procedure Law at PUC-Rio. Bachelor degree in Law at Fundação
Getulio Vargas – Direito Rio.
Guilherme Ribas. Partner of Mundie e Advogados, head of the Antitrust practice group.
Publications Officer of IBRAC. Member of the Antitrust Committee of the Brazilian Bar
Association (São Paulo). Former head of department at the Secretariat of Economic Law. LL.B,
LL.M and PhD from the University of São Paulo Law School. Post-graduated in antitrust law from
the Fundação Getúlio Vargas Law School.
Guilherme Teno Castilho Missali. Senior Associate at Lino, Beraldi, Belluzzo and Caminati
Advogados. Member of IBRAC and of the Antitrust Committee of the Brazilian Bar Association
(São Paulo). Master Degree Candidate in Commercial Law at the University of São Paulo.
Specialized in Compliance by Getúlio Vargas Foundation (FGV). Graduated from the Faculty of
Law of the USP. Cofounder of “NECSO”.
Isabela Salomon Reis. Lawyer. Postgraduate in Corporate Law from Fundação Getúlio Vargas
(FGV/SP - GVLaw). Graduated in Law from Universidade Federal de Minas Gerais (UFMG).
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Description:Specialist in Business Law from Pontifical Catholic. University (Rio de the Antitrust Law Commission of the Brazilian Bar Association (Sâo Paulo).
