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Cade approves resolution that establishes deadline of 30 days for the analysis of fast-track mergers

Resolution

Document was published in the Federal Official Gazette
published: Oct 03, 2016 11:14 AM last modified: Oct 03, 2016 11:14 AM

On September 6, 2016, CADE has published in the Official Gazette Resolution No. 16/2016, establishing a deadline of 30 days to complete the analysis of fast-track mergers - those of lesser complexity from the competition point of view. For other cases, the deadline remains 240 days, extendable for additional 90 days, as required by Law 12.529 / 2011.

The resolution aims at giving more celerity to the analysis of the General Superintendence of the agency, providing legal certainty to the market. The eventual noncompliance of the 30 days period will require the General Superintendent, by order to the Tribunal, to justify the reasons for the delay and make the analysis a priority operation.

To be analyzed under the fast-track procedure, the merger must meet the criteria established in items I to VI of article 8 from the Resolution No. 2/2012. It is important to emphasize that the decision to frame the request for approval of the merger in a fast-track procedure is discretionary, and will be adopted by CADE´s General Superintendence according to convenience and opportunity criteria, as provided in the Article 7 of the same resolution.

Resolution No. 16/2016 was approved at the last trial session of CADE's Tribunal, held on August 31st. The document was submitted to public consultation in May this year.

Access the Resolution No 16/2016 here (available only in Portuguese).