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Brazil: M&A Reporting Rules May Change

By  |  September 18, 2012

According to Carlos Ragazzo, Brazil’s antitrust regulator councilor, Brazil’s antitrust authority (CADE) may change merger reporting requirements for investment funds after complaints that the regulations, which took effect three months ago, are too broad. Under the new legislation, Cade said it will take no more than 330 days to review a proposed merger. Otherwise, it will be automatically approved. The new rules were intended to prevent mergers from taking place before antitrust regulators had a chance to review them. Previously, companies filed requests to review transactions after an accord had already been reached, allowing operations to be merged before final approval, which could take as long as two years.

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