2020.08.24 Consolidação Dos Artigos the Future of Antitrust
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Autores Ademir Antonio Pereira Jr. • Adriano Camargo Gomes • Alexandre Barreto de Souza • Anna Binotto • Breno Fraga Miranda e Silva • Bruno Drago • Bruno Droghetti Magalhães Santos • Bruno Renzetti • Bruno Salgado Cremonese • Camila Pires da Rocha • Carol Elizabeth Conway • Caroline Tie Tanaka Battisti Archer • Clara Ji Hyun Lim • Clovis Lores • Constança Burity Simões Barbosa • Cristianne Saccab Zarzur • Daniel Costa Rebello • Daniel Oliveira Andreoli • Daniel Tinoco Douek • Danilo Mininel • Denis Guimarães • Denise Junqueira • Eduardo Frade Rodrigues • Elizabeth Farina • Elvino de Carvalho Mendonça • Enrico Spini Romanielo • Fabiana Tito • Felipe Cardoso Pereira • Felipe Zolezi Pelussi • Fernanda Akiyo Mitsuya • Fernanda Dalla Valle Martino • Flávia Chiquito dos Santos • Frederico Martins • Gabriel de Carvalho Fernandes • Gabriel Silva Takahashi • Gabriela Parra • Igor Carvalho Rocha • Izabella de Menezes Passos Barbosa • João Felipe Achcar de Azambuja • João Marcelo de Lima Assafim • João Ricardo Oliveira Munhoz • José Alexandre Buaiz Neto • Joyce Midori Honda • Julia Namie Maia Pinto Ishihara • Julia Werberich • Kelly Fortes Violada • Leonardo Mansur Lunardi Danesi • Leonardo Peres da Rocha e Silva • Lígia Melo • Lívia de Melo • Lucas Portela de Mauro • Luísa Campos Faria • Luisa Portilho • Luiz Alberto Esteves • Luiz Augusto Azevedo de Almeida Hoffmann • Luiz Eduardo de Queiroz Cardoso Jr. • Luiz Felipe Rosa Ramos • Maíra Isabel Saldanha Rodrigues • Marcel Medon Santos • Marcio de Oliveira Junior • Marcio Soares • Marcos Filipe Sussumu Ueda • Marina de Souza e Silva Chakmati • Matheus Nasaret • Mauricio Oscar Bandeira Maia • Mauro Grinberg • Natan Maximiano Munhoz • Nathália Conde Serra • Patricia Bandouk Carvalho • Paula Camara • Paula Farani de Azevedo Silveira • Pedro P. Anitelle • Pedro Paulo Salles Cristofaro • Polyanna Vilanova • Priscila Brolio Gonçalves • Rachel Pinheiro de Andrade Mendonça • Rafael Rossini Parisi • Raquel Garcia Gripp Novaes • Renan Cruvinel de Oliveira • Renata Arcoverde • Renata Fonseca Zuccolo Giannella • Renata Gonsalez de Souza • Renê Guilherme S. Medrado • Ricardo Lara Gaillard • Ricardo Pastore • Roberto Chacon de Albuquerque • Rodrigo Abreu Belon Fernandes • Sérgio Costa Ravagnani • Silvia Fagá de Almeida • Stephanie Vendemiatto Penereiro • Tatiana Lins Cruz • Thales de Melo e Lemos • Victor Cavalcanti Couto • Victor Santos Rufino • Victoria Malta Corradini • Vinicius da Silva Ribeiro • Vinicius Hercos • Vitor Jardim Barbosa 2 IBRAC – Instituto Brasileiro de Estudos de Concorrência, Consumo e Comércio Internacional Rua Cardoso de Almeida 788 cj 121 05013-001 – São Paulo – SP Brasil Tel: 55 11 3872 2609 3673 6748 www.ibrac.org.br [email protected] Editora Responsável: Priscila Brolio Gonçalves Coeditora: Elizabeth Farina ISBN 978-65-992056-8-2 3 FOREWORD A few words about this project Lauro Celidonio Neto, Priscila Brolio Gonçalves When this project was launched in the very beginning of 2020, nobody could imagine the challenges that the whole world would be facing in the upcoming months. Although information of a new virus was already emerging from China and other parts of the globe, it was impossible to foresee that an unprecedented pandemic would put so many lives at risk, people in isolation or quarantine and cause devastating social and economic effects. The Future of Antitrust was the chosen subject for IBRAC’s sixth international publishing initiative (all previous publications can be found at our website – www.ibrac.org.br ), aiming to provide insights of the Brazilian antitrust community, among private practitioners and public officials, to relevant subjects in the antitrust field in the next years. Technology and digital markets have been reshaping the reality for a while now, and posing essential questions to competition authorities, companies, private lawyers and economists, and the academia all over the world. Should the goals of antitrust be revisited? Should existing competition analysis, tests and tools be redesigned? What could be seized from existing laws, regulation, and precedents? Which mergers are most likely to be challenged in the future, which conducts are most likely to be investigated? What would be the priorities of competition authorities? Would judicial claims increase in Brazil? How would institutional coordination and international cooperation look like in the next years? The pandemic adds challenges to a preexisting disruptive scenario and questions to the already extensive list of important issues for debate. Besides contributing to accelerate the digitalization of the economy, the crisis raises concerns about the application of competition laws under duress. Should there be exceptional measures and antitrust exemptions under the current circumstances? The bright and diverse group of contributors to this ambitious edition dedicate to these subjects. The book has been organized in five sections. The first one deals with goals of antitrust law and policy in the digital area, as well as legal tools and economic analysis. Authors discuss 4 the inclusion of objectives beyond economic welfare in competition policies in the US, Europe and Brazil; consumer choice under the consumer welfare standard; the revival and the role of behavioral economics in antitrust; particularities (or not) of competition in digital markets and multi-sided digital platforms; and data protection (in opposition to data itself) as a potential valuable tool to antitrust analysis. The second Section of the book is dedicated to merger control, including articles for and against the adjustment of notification thresholds in Brazil; the question about scrutinizing killer acquisitions; the discussion concerning the need of a “new merger analysis” for digital markets; bankruptcy and a screening test for failing firm defense; and trends based in CADE’s caselaw, including relevant market definition, complexity declaration, associative agreements, the health industry and the very recent Boeing-Embraer case. The third Section is about behavior control and is divided into three chapters, beginning with papers applicable to all types of conducts. Contributors discuss tendencies and modifications in the antitrust analysis of competitive behavior in digital markets, and procedural flaws and how to correct them. Among horizontal behavior, authors analyze price algorithms, labor related practices such as wage fixing and non-poaching agreements, hub and spoke infringements and exchange of sensitive information. The reviewing of consequences and concerns related to the hypothetical knock out of a leniency agreement closes this chapter. Among unilateral conducts, articles approach trends based on recent CADE’s precedents, and specific practices such as on-line bans, geoblocking and geopricing, bundled payments in the health care industry and the Google shopping case. Section four is dedicated to competition advocacy and antitrust policy in specifically regulated markets. Authors deal with CADE’s role in the pandemic; new regulatory proceedings issued by the Secretariat of Economic Law (SEAE); clauses constraining market shares in public biddings; competition policy in the cryptocurrency market; open banking; and competition in the Brazilian payments industry. Last but not least, Section five approaches antitrust litigation, ranging from private actions for antitrust damages – the relation between public enforcement and private actions; perspectives; disclosure of relevant materials and information, including in connection to leniency agreements; pass-on-defense – to arbitration in antitrust disputes and specialized courts. The final result is a very important and interesting book, comprising high valued opinions and personal views on a vast set of contemporary subjects. We congratulate all contributors and hope readers enjoy this journey! 5 TABLE OF CONTENTS FOREWORD............................................................................................................................ 4 About the Coordinator .......................................................................................................... 10 About the Authors.................................................................................................................. 10 Section 1 Antitrust law and policy in the digital era: goals, legal tools, and economic analysis .................................................................................................................................... 20 • HIPSTER ANTITRUST AND THE BRAZILIAN LEGAL SYSTEM ............. 21 • THE CASE FOR CONSUMER CHOICE UNDER THE CONSUMER WELFARE STANDARD .................................................................................. 34 • THE RELEVANCE OF BEHAVIORAL ECONOMICS IN ANTITRUST ..... 50 • COMPETITION IN DIGITAL MARKETS: EXPERIENCES AND PERSPECTIVES ................................................................................................ 58 • BRAZILIAN ANTITRUST POLICY FOR MULTI-SIDED DIGITAL PLATFORMS: RECENT DEVELOPMENTS .................................................. 71 • DATA OR DATA PROTECTION? ANTITRUST IMPLICATIONS OF A MISSING DISTINCTION ................................................................................. 80 Section 2 Merger control ....................................................................................................... 91 • MERGER CONTROL IN THE DIGITAL ERA: SHOULD BRAZIL REVISE ITS THRESHOLDS? ........................................................................................