From Ex Post Enforcement to Proactive Regulation: Bill No. 4,675/2025 and CADE’s Framework For Digital Markets

This article examines Brazil’s proposed Bill No. 4,675/2025, which introduces an ex ante regime for systemically relevant digital platforms under the authority of CADE. It argues that traditional ex post, case-by-case antitrust enforcement is ill suited to address harms rooted in data-driven network effects, default settings and ecosystem governance, as illustrated by Brazil’s recent experience in digital cases. The bill creates a Superintendence for Digital Markets and empowers CADE to desig