Overview of Competition Law in Brazil
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Edited by The enforcement of competition Cristianne Zarzur Krisztian Katona law in Brazil has changed markedly Mariana Villela OVERVIEW in recent years, impressing all Contributors observers. Recent domestic Ana Paula Martinez reforms transformed the country’s Aurélio Santos OF COMPETITION Barbara Rosenberg competition enforcement system Bruno de Luca Drago and mechanisms, further increasing Caio Mario da Silva Pereira Neto LAW IN BRAZIL Brazil’s importance on the global Carlos Francisco de Magalhães Cristiano Rodrigo Del Debbio stage of antitrust and paving Daniel Andreoli the way for additional progress. Eduardo Caminati Anders Areas for improvement remain, Eduardo Frade Rodrigues Erika Vieira Sang however, and the rapid changes Fabíola Cammarota de Abreu leave even the most seasoned Fabricio A. Cardim de Almeida international practitioner a step or Filippo Maria Lancieri Francisco Niclós Negrão two behind the curve. Accordingly, Gabriel Nogueira Dias this compendium offers invaluable Guilherme Morgulis guidance from Brazil’s leading João Marcelo Lima competition experts and regulators Joyce Midori Honda Leonardo Maniglia Duarte on how to navigate the new Luís Henrique Perroni Fernandes regulatory regime. In its breadth Marcela Abras Lorenzetti and depth, the Overview Marcelo Calliari Marcio Bueno of Competition Law in Brazil Marcio Dias Soares is groundbreaking and will prove Marcos Exposto a keystone resource in the field. Marcos Paulo Veríssimo Maria Eugenia Novis Mariana Tavares de Araujo IN BRAZIL COMPETITION LAW OF OVERVIEW Mauro Grinberg Paulo Eduardo Lilla Desde 1992 Instituto Brasileiro de Estudos de Concorrência, Consumo e Comércio Internacional Paulo Leonardo Casagrande Pedro Paulo Salles Cristofaro Priscila Brolio Gonçalves EDITORA SINGULAR Renata Fonseca Zuccolo 1992 Renê Guilherme S. Medrado Ricardo Botelho Desde Rodrigo Alves dos Santos Desde 1992 Sandra Terepins Internacional e Comércio Consumo Instituto Brasileiro de Estudos de Concorrência, Vinicius Marques de Carvalho Concorrência, Estudos de de Brasileiro Instituto Consumo e Comércio Internacional capaower3a.indd 1 08/06/15 17:30 Edited by Cristianne Zarzur, Krisztian Katona and Mariana Villela Contributors Ana Paula Martinez Luís Henrique Perroni Fernandes Aurélio Santos Marcela Abras Lorenzetti Barbara Rosenberg Marcelo Calliari Bruno de Luca Drago Marcio Bueno Caio Mario da Silva Pereira Neto Marcio Dias Soares Carlos Francisco de Magalhães Marcos Exposto Cristiano Rodrigo Del Debbio Marcos Paulo Verissimo Daniel Andreoli Maria Eugênia Novis Eduardo Caminati Anders Mariana Tavares de Araujo Eduardo Frade Rodrigues Mauro Grinberg Erika Vieira Sang Paulo Eduardo Lilla Fabíola Cammarota de Abreu Paulo Leonardo Casagrande Fabricio Antonio Cardim de Almeida Pedro Paulo Salles Cristofaro Filippo Maria Lancieri Priscila Brolio Gonçalves Francisco Niclós Negrão Renata Fonseca Zuccolo Gabriel Nogueira Dias Renê Guilherme S. Medrado Guilherme Morgulis Ricardo Botelho João Marcelo Lima Rodrigo Alves dos Santos Joyce Midori Honda Sandra Terepins Leonardo Maniglia Duarte Vinicius Marques de Carvalho 2015 Dados Internacionais de Catalogação na Publicação (CIP) O967 Overview of competition law in Brazil. / São Paulo : IBRAC/Editora Singular, 2015. 448 p. ISBN: 978-85-86626-74-6 Edited by: Cristianne Zarzur, Krisztian Katona and Mariana Villela. Contributors: Ana Paula Martinez, Aurélio Santos, Barbara Rosenberg, Bruno de Luca Drago, Caio Mario da Silva Pereira Neto, Carlos Francisco de Magalhães, Cristiano Rodrigo Del Debbio, Daniel Andreoli, Eduardo Caminati Anders, Eduardo Frade Rodrigues, Erika Vieira Sang, Fabíola Cammarota de Abreu, Fabricio Antonio Cardim de Almeida, Filippo Maria Lancieri, Francisco Niclós Negrão, Gabriel Nogueira Dias, Guilherme Morgulis, João Marcelo Lima, Joyce Midori Honda, Leonardo Maniglia Duarte, Luís Henrique Perroni Fernandes, Marcela Abras Lorenzetti, Marcelo Calliari, Marcio Bueno, Marcio Dias Soares, Marcos Exposto, Marcos Paulo Verissimo, Maria Eugênia Novis, Mariana Tavares de Araujo, Mauro Grinberg, Paulo Eduardo Lilla, Paulo Leonardo Casagrande, Pedro Paulo Salles Cristofaro, Priscila Brolio Gonçalves, Renata Fonseca Zuccolo, Renê Guilherme S. Medrado, Ricardo Botelho, Rodrigo Alves dos Santos, Sandra Terepins, Vinicius Marques de Carvalho. 1. Direito da concorrência, Brasil. 2. Concorrência, Brasil. 3. Direito econômico. 4. Direito econômico internacional. I. Instituto Brasileiro de Estudos de Concorrência, Consumo e Comércio Internacional – IBRAC (Ed.). II. Editora Singular (Ed.). CDD: 341.3787 CDU: 339.137:34(81) CDU: 929 Revisora: Christina Rostworowski da Costa Diagramação: Microart Design Editorial Capa: Aeroestudio © desta edição [2015] IBRAC Rua Cardoso de Almeida, 788, cj 121 05013-001 – São Paulo-SP Tel. (11) 3872-2609 www.ibrac.org.br [email protected] Editora Singular www.editorasingular.com.br [email protected] TABLE OF CONTENTS About IBRAC ..................................................................................................... 7 Foreword ............................................................................................................. 9 About the Editors ............................................................................................... 11 About the Authors .............................................................................................. 13 Questions & Answers Vinicius Marques de Carvalho .................................................................. 25 Questions & Answers Eduardo Frade Rodrigues ......................................................................... 41 Introduction Fabricio Antonio Cardim de Almeida ..................................................... 53 Chapter I – Controversial Issues in Merger Review: Practical Aspects Maria Eugênia Novis and Marcos Paulo Verissimo ............................... 59 Chapter II – Overview of Recent Merger Control Rules: Main Aspects of CADE Resolution 2 Eduardo Caminati Anders ......................................................................... 77 Chapter III – The Antitrust Review of Minority Shareholdings between Competitors – the Brazilian Perspective Caio Mario da Silva Pereira Neto, Paulo Leonardo Casagrande and Filippo Maria Lancieri ............................................................................... 101 Chapter IV – Investment Funds: Salient Issues in Merger Filings in Brazil Renê Guilherme S. Medrado and Luís Henrique Perroni Fernandes ... 119 Chapter V – Associative Agreements under the Brazilian Antitrust Law Fabíola Cammarota de Abreu and Joyce Midori Honda ........................ 135 5 6 OVERVIEW OF COMPETITION LAW IN BRAZIL Chapter VI – Technology Transfer Agreements as “Associative Agree- ments” Subject to Merger Control in Brazil Paulo Eduardo Lilla and Erika Vieira Sang ............................................. 171 Chapter VII – Remedies in Merger Cases: Brazil’s Recent Experience Marcio Dias Soares, Renata Fonseca Zuccolo and João Marcelo Lima 213 Chapter VIII – Gun Jumping: CADE’s Experience under the New Antitrust Law Barbara Rosenberg, Guilherme Morgulis, Marcos Exposto and Sandra Terepins ....................................................................................................... 231 Chapter IX – Anti-cartel Enforcement in Brazil: Status Quo & Trends Ana Paula Martinez and Mariana Tavares de Araujo ............................. 257 Chapter X – Cartel Punishment in Brazil: Facts and Trends Mauro Grinberg and Marcela Abras Lorenzetti ...................................... 275 Chapter XI – Cartel Settlements in Brazil Recent Developments and Upcoming Challenges Leonardo Maniglia Duarte and Rodrigo Alves dos Santos .................... 285 Chapter XII – Leniency Agreements in Brazil Marcelo Calliari, Daniel Andreoli and Marcio Bueno ........................... 315 Chapter XIII – Unilateral Conduct Law and Practice in Brazil Ricardo Botelho and Aurélio Santos ....................................................... 325 Chapter XIV – Vertical Price Restraints: Recent Developments in Brazi- lian Antitrust Policy Regarding Resale Price Maintenan- ce (RPM) and Suggested Resale Prices Priscila Brolio Gonçalves ........................................................................... 357 Chapter XV – Judicial Review of CADE’s Decisions Pedro Paulo Salles Cristofaro .................................................................... 371 Chapter XVI – Private Antitrust Damages Carlos Francisco de Magalhães, Gabriel Nogueira Dias, Cristiano Rodrigo Del Debbio and Francisco Niclós Negrão................................. 395 Chapter XVII – Standard Essential Patents, FRAND Commitments and Antitrust Law From a Brazilian Perspective Bruno de Luca Drago ................................................................................. 415 ABOUT IBRAC The Brazilian Institute of Studies on Competition, Consumer Affairs and International Trade – IBRAC is a nonprofit private entity established in 1992 to foster the development of research, studies and debates involving competition, consumer law issues and international trade. In order to achieve that end, IBRAC has played an active role in the interaction with the Brazilian antitrust authorities (Conselho Administrativo de Defesa Econômica – CADE) and a number of other governmental and non-governmental institutions, all of which have translated into constant meetings and workshops to discuss specific topics of relevant subjects. In addition, IBRAC also promotes events, notably the International Seminar