Publications
- Category: Competition
Special Edition
CADE rules the first gun jumping case
The first gun jumping case in Brazil was ruled by the Administrative Council for Economic Defense (CADE) on August 28, 2013. The term gun jumping is generally used to describe situations of consummation of a transaction or exercise by the buyer of influence over the target company’s market behavior prior to antitrust clearance.
- Category: Competition
Special Edition
New rules on merger filings
During the most recent plenary session held on October 1st, 2014, the Administrative Council for Economic Defense (“CADE”) approved amendments to its Resolution No. 2/2012, which governs the filing of acts of concentration (merger filings) and establishes the fast-track review procedure. The amended rules will enter into force upon publication in the Brazilian Official Gazette, which is expected to take place in the course of this week.
- Category: Competition
Special Edition
CADE issues new regulation on associative agreements
The tribunal of the Administrative Council for Economic Defense (CADE) has approved in the plenary session held on October 18, 2016 a new regulation that changes the current rules on the mandatory filing of associative agreements, one of the types of transactions that may amount to concentration under Law No. 12,529/2011 (Antitrust Law). The new regulation (Regulation No. 17/2016) will replace Regulation No. 10/2014. It will enter into force within 30 days of its formal publication in the Brazilian Official Gazette, which did not take place yet.
- Category: Labor and employment
Edição extraordinária
(Retroactive?) Change of the Labor Debts’ Monetary Adjustment Index
Based on decisions issued by the Brazilian Federal Supreme Court (STF) according to which the Reference Rate (TR) did not represent the actual depreciation of the Brazilian currency within a given period of time, the Brazilian Superior Labor Court (TST) decided that the use of the TR as the monetary adjustment index of labor debts prevents the complete recovery of the employees’ labor credit and jeopardizes the effectiveness of the judicial protection and court procedures.
- Category: Capital markets
LISTING OF SECURITIES ON DIFFERENT MARKETS – OBSTACLES AND IMPROVEMENTS, by Eliana Ambrósio Chimenti
Much has been said about the trading of shares issued by foreign companies in the brazilian securities market. the negotiation only occurs by means of depositary receipts programs, or brazilian Depositary receipts (bDrs) - securities backed by securities of publicly-held companies, or the like, with headquarters abroad, and issued by an institution in brazil.
- Category: Capital markets
CORNERSTONE INVESTORS AND THEIR INVOLVEMENT IN STOCK ISSUES, by Eliana Ambrósio Chimenti
Although there is no previously set out legal figure that applies to a cornerstone investor under Brazilian regulations, these investors have played a significant role in developing stock markets in certain countries such as China, and since 2006 they have been significantly boosting market responsiveness to IPOs.