After almost two months after its approval by the National Congress on the 5th October 2011, the Brazilian President Dilma Roussef enacted the new Antitrust Law (Lei n. 12.529/11) yesterday and its final version was published in today’s Official Gazette. As expected, some sections were vetoed – the justification can be read here.
As the vacatio legis will be of 180 days, there will be plenty of time to study its content. However, I have to mention one particular veto: article 64, which reads as follows:
“The noncompliance with the deadlines set in this Law causes the concentration acts to be automatically cleared”.
Definitively, article 64 was a guarantee that all the merger review control would not take longer than 11 months. Now, the commitment of the authorities to clear the transaction swiftly will be essential for the success in the implementation of the pre-merger review process.