More information about the new Brazilian antitrust law
11 octubre, 2011
It has been some days since the House of Representatives voted the bill on the new Brazilian antitrust law.
Believe it or not, it is not yet exactly known what the House of Representatives voted. There are still some points which need clarification.
The most relevant point refers to the top fines to be imposed on antitrust violations, such as abuse of dominant position and cartels. The government’s bill suggested that the top find should be 30% and the Senate reduced it to 20% of the sales made by the company in the industry (no reference to the relevant market is made). When the bill was voted, the government recommended that its representatives should vote against the Senate’s proposal and they actually voted according to the government’s recommendation – the opposition was upset because it had also lost this point.
Surprisingly, the day after the approval, someone noticed that what had been approved was the Senate’s proposal… It is unclear which proposal will prevail. Some argue that it can be corrected, while others believe that the government may have to send another bill to the National Congress to correct the error. All I know is that we will have to wait for the final version to be published in the Official Gazette to know which is the law.
For more information about the new Brazilian antitrust law, please click here for an interesting summary of the main aspects.