Excessive filing requirements and unclear review timeframes are Brazilian lawyers’ chief concerns under proposed guidelines to implement the country’s incoming pre-merger review regime.
Since antitrust regulator Conselho Administrativo de Defesa Econômica’s (Cade) released the guidelines a month ago, competition and M&A practitioners have grappled with new case management and deal documentation considerations ahead of the May 30 change.
Topping the list is the volume of information that must be filed with the initial notification.
“The amount of information we have to provide is significantly greater than the amount we must provide today,” said Souza Cescon Barrieu & Flesch partner Fabiola Cammarota de Abreu.
What’s particularly problematic is that the supporting information required for simple and complex deals is the same. This includes deals which don’t present significant competition concerns and qualify for expedited proceedings.
“It seems to...