(Revista de Derecho Administrativo, 2022-12-15) Bagnoli, Vicente
The financial market, in general, has specific characteristics that attract the attention of competition authorities around the world. It is no different in Brazil, where the trend of bank concentration in recent decades has put CADE, the competition authority, on constant alert. In this sense, since the entry into force of the Competition Law in 2012, CADE has analyzed significant concentrations in financial markets. In addition to CADE, the Central Bank of Brazil also analyzes concentrations in the financial system. The conflict of jurisdiction between the Central Bank of Brazil and CADE in competition matters generated legal uncertainty, but the 2018 Memorandum of Understanding between the authorities brought more certainties to the market. However, a Memorandum is not legally binding for the authorities and may be revised at any time.
(Revista de Derecho Administrativo, 2022-12-15) Athayde, Amanda; Accioly, Isabella
This paper aims to carry out a descriptive analysis of the Antitrust Leniency Program in Brazil, considered the precursor of other Leniency Programs in Brazilian legislation, such as the Anti-Corruption Leniency Program and the Leniency Program in the financial market. First, it is presented a brief historical review of the Program, followed by an explanation of the requirements for signing a Leniency Agreement in Brazil. Second, the paper details all phases of the negotiation process of an Antitrust Leniency Agreement. Finally, it will highlight some of the spillovers of its Program in other fields of Brazilian jurisdiction, with a brief comparison between the different Leniency Programs existent in Brazil in terms of Type of infraction; Competent institution; Legal bases; Infra-legal bases; Possible beneficiaries; Administrative benefits; Criminal benefits and Civil benefits.
