Littérature scientifique sur le sujet « Antitrust law – Brazil »

The Brazilian Competition Defense System, built by Law 12,529 / 2011, received, in 2013, an important contribution from the Anti-Corruption Law (Law 12,846). In one of the aspects in common, the laws stipulate the Leniency Program or Agreement, aimed at recognizing the economic infraction and the corruptive business practice, facilitating the investigation of infractions, as well as any co-authors, in exchange for benefits regarding the punitive aspects. This essay intends, at first, to understand the origin and historical evolution of “leniency” in Brazil, differentiating the institutes foreseen in the CADE Law and in the Anticorruption Law. And, in a second step, to outline an analysis of the leniency agreement entered into by Odebrecht due to practices found in the scope of Operation Lava Jato. The investigation has a deductive method, starting from the analysis of legal institutes towards a practical case, rising from bibliographic analysis and the terms of the agreement in question.

This article highlights some of the key challenges for the Brazilian merger control regime in dealing with mergers involving digital platform ecosystems (DPEs). After a quick introduction to DPEs, we illustrate how their market power may be strengthened through conglomerate mergers, and yet these concerns remain largely unaddressed in the current landscape for merger control in Brazil. The article is divided in four sections. First, we introduce the reader to the framework for merger control in Brazil. Second, we identify the possible theories of harm related to conglomerate merger, and elaborate on the way in which their application may be affected by the context of DPEs. Third, we conduct a review of previous mergers involving DPEs in Brazil, aiming to identify the theories of harm employed (and those that could have been explored) in each case. Fourth and finally, we summarize and results and suggest adaptation to merger control in Brazil, advancing proposals for a more consistent and predictable analysis. Digital Platforms, Digital Ecosystems, Merger Control, Conglomerate Mergers, Competition Law, Antitrust, Brazil

This article examines the distinctiveness of Brazil, India and China in international regulatory governance by asking whether the European Union (EU)’s dedicated antitrust agreements (ATAs) with Brazil, India and China (BICs) differ significantly from the EU’s other ATAs, and whether observable differences are attributable to these emergent powers’ increased influence in global regulatory governance. We address these questions through a multi-method comparative analysis, using an original dataset of international ATAs. These bilateral inter- and trans-governmental agreements seek to avoid or ameliorate conflicts and establish cooperation between government agencies responsible for competition law and policy. Our quantitative and qualitative analyses both point to a striking ability of the BICs (and Russia) to insist on quite distinctive agreements with regard to both what is covered by these agreements and how any mutual commitments to conflict resolution and regulatory cooperation are articulated. This finding is based on various overall metrics and a computer-assisted comparative textual analysis of all dedicated ATAs to which the EU is a signatory, using inter alia plagiarism detection software, complemented by qualitative content analyses of the agreements and information drawn from interviews with regulatory officials, to gain a better understanding of similarities and differences between the agreements and thus address in more detail the question how unique the BICs are in their ability to pursue distinctive regulatory objectives in the realm of competition law and policy. We conclude that the distinctiveness of the BIC R agreements is indeed indicative of these emergent economies’ increased power in global economic governance—and, more tentatively, that the increased influence of Brazil, China, and India in global regulatory governance is unlikely to be fully matched by other developing countries.

RESUMO O presente artigo, por meio de método de abordagem dedutivo e, como auxiliar, o comparativo, bem como procedimento de análise bibliográfica e jurisprudencial, pretende demonstrar que a teoria norte-americana da Failing Firm Defense encontra aplicação no atual cenário de crise brasileira, ao possibilitar a aprovação de certos atos de concentração, normalmente, reprováveis ou sujeitos às restrições, pelo Órgão de proteção à concorrência, em razão da função social da empresa. Para isso, são estabelecidos determinados critérios encontrados nos precedentes e no Horizontal Merger Guidelines dos Estados Unidos que servem de base ao CADE à utilização da teoria em seus julgados, ainda que necessária a adaptação à realidade econômica do País. PALAVRAS-CHAVES: Direito Econômico; Antitruste; Concorrência; Legislação Falimentar; Crise; Failing Firm Defense. ABSTRACTThe present article, through the method of deductive approach and, as auxiliary, comparative, as well as the process of bibliographical and jurisprudential analysis, the proposals that demonstrate the American theory of the Defense of Low Companies, are in Increasing probability of competitions, normally reprehensible or subject to restrictions, by competition law, because of the social function of the company. The horizontal merger guidelines of the United States of America are not based on the United States Horizontal Fusion Guidelines. KEYWORDS: Economic Law; Antitrust; Competition; Bankruptcy Legislation; Crisis; Failing Firm Defense.

The global economic system requires greater coordination and coherence in order not to provoke international financial and economic crises. Therefore, to minimize financial and economic crises, such a powerful center as the IMF functions. In general, the IMF is based on the neoliberal North Atlantic market values; it creates the conditions for cooperation between stakeholders and protects its legitimacy in the long term, increasing its effectiveness. Not all countries can cooperate productively with the IMF; there is sometimes a decline in the rate of economic growth and the intensification of crisis phenomena in their economies (Somalia – 1981; Kenya – 1990s; Indonesia, Malaysia and Thailand – 1997 Argentina – 2001, and others). However, there are positive examples of world-wide cooperation with the IMF: Peru – 1956, Mexico – 1956, 1982 and 1994, Portugal – 2011–2014, Cambodia – 1992, Brazil – 2015–2016, Poland – 2009–2011, Greece and Cyprus – 2009–2010, etc. Cooperation with the IMF is always a definite indicator of the reforms and confidence of Western investors in countries with which the IMF cooperates. Cooperation with the IMF is always a definite indicator of reforms and confidence of Western investors in countries with which the IMF cooperates: if such values prevail in the country, and government institutions are formed fully and impartially (market environment, rule of law, antitrust constraints, infrastructure availability, etc.), then there is the possibility of mutually beneficial cooperation. Without this, cooperation will be ineffective and will not always lead to economic growth. Cooperation with the IMF for Ukraine as of 2015–2020 is important, given the need to ensure financial and economic stability. Such cooperation makes it possible to reduce the interest on servicing and the frequency of entering the international commercial loan markets. However, if cooperation with the IMF is not continued, then the risks of increasing debt burden on the budget, the destabilization of exchange rate policy and, as a consequence, crisis phenomena in Ukraine’s economy will increase. This leads to the intensification of systemic changes and reforms that will allow Ukraine to achieve successful results in cooperation with the IMF.

RESUMOO presente artigo visa descrever as principais alterações trazidas pela Lei n.º 12.529/2011 ao controle estrutural da concorrência no Brasil, quais sejam, a modificação dos requisitos para submissão e a implantação do modelo de controle prévio dos atos de concentração. Para tanto, são apresentados: (i) noções acerca da atuação preventiva (estrutural) do CADE, (ii) distinções entre os modelos de controle sob a égide das Leis n.º 8.884/1994 e n.º 12.529/2011, (iii) critérios para submissão das concentrações sob a perspectiva de ambas as legislações, e (iv) dados quantitativos anteriores e posteriores à reforma. Trata-se de pesquisa qualitativa exploratória, de procedimento monográfico, de abordagem indutiva e técnica de pesquisa bibliográfica. A partir dos autores e dados apresentados, conclui-se que a atuação do Cade, a partir da entrada em vigor da nova legislação antitruste, foi substancialmente modificada, de modo a se tornar mais dinâmica e eficiente. PALAVRAS-CHAVE: Controle Estrutural; Atos de Concentração; Lei N.º 12.529/2011; Lei N.º 8.884/1994; Conselho Administrativo de Defesa Econômica. ABSTRACTThis paper aims to describe the main changes introduced by the Brazilian law 12.529 of 2011 in the merger control, namely, the modification of the submission requirements and the implementation of an “a priori” merger control model. The following topics are studied: (i) notions about the preventive action of Brazilian Administrative Council of Economic Defense; (ii) distinctions between the merger control models under the Brazilian laws 8.884 of 1994 and 12.529 of 2011; (iii) criteria for submitting concentrations under the perspective of both legislations, and (iv) pre and post-reform quantitative data. This is a qualitative exploratory research, with a monographic procedure method, an inductive investigate methodology and a bibliographic research technique. From the authors and data presented, it is concluded that the activities of Brazilian Administrative Council of Economic Defense, since the entry into force of the new antitrust legislation, have been substantially modified in order to become more dynamic and efficient. KEYWORDS: Merger Control; Concentration Act; Brazilian Law 12.529 of 2011; Brazilian Law 8.884 of 1994; Brazilian Administrative Council of Economic Defense.

Purpose The present study seeks to answer the following research question: what is the profile of the academic production related to the interorganizational networks in the period between 2006 and 2016? Thus, this study aims to characterize the academic production about the subject interorganizational networks available in national journals with Concept “A” (Qualis Capes), in the period between 2006 and 2016. Design/methodology/approach This paper uses national journals with Concept “A” of the Qualis classification (2016) for journal selection. In total, 12 “A” concept journals were identified. However, it was decided to analyze ten of them. The procedures suggested by Crossan and Apaydin (2010) for conducting bibliometric studies were adopted. It has been identified that 77 articles were published in eight journals. The R 3.3.2 and R Studio 1.0.136 software were used. The IGRAPH 0.5.5-2 extension (package) was used to analyze graphs and co-authorship networks (Csárdi and Nepusz, 2006). This extension is able to manipulate networks with millions of vertices and edges and provides a series of functions to analyze the properties of social networks, such as subnetworks, intermediation, centrality, among other characteristics (Csárdi and Nepusz, 2006). Correspondence analysis (CA) was also performed. CA is a multivariate exploratory technique that converts a data matrix into a graphical representation, so that rows and columns are represented by points in a graph (Greenacre and Hastie, 1987). This extension is dedicated to the multivariate analysis of data and allows the manipulation of different types of variables (quantitative or categorical). In the present research, multiple CA (MCA) was applied – indicated when the elements are described as categorical variables (Lê et al., 2008). The characteristics considered for carrying out MCA were the “main term”, “research approach”, “type of research”, “constructs” and “research strategies”. By using the FactoMineR 1.34 extension, the hierarchical clustering on principal components (HCPC) function was used (Husson et al., 2007; Lê et al., 2008). This function allows creating clusters from the characteristics of the articles analyzed and highlights the justifications for the groupings created. The function allows forming as many clusters the researcher wishes, being of its attribution to analyze a division that best represents the characteristics of the data (Husson, Josse, and Pagès, 2010). Husson et al. (2010) suggest that an analysis should be performed from the hierarchical tree, thus the number of clusters can be defined considering the overall appearance (or shape) of the tree formed. At last, a word cloud was created using the Wordcloud 2.5 extension (Fellows, 2013). The noticed advantage of using this extension is that it does not separate the terms that form a keyword when generating the cloud. It has been used for the keywords of the 77 articles analyzed; however, it has been decided to keep those that presented frequency greater than or equal to two. By avoiding occasional terms, a more intelligible cloud was obtained. Findings The present study was not able to verify if the journals analyzed by Andrighi et al. (2011) have influenced others to publish on the subject, as suggested by the Bradford’s Law. The standard “success breeds success”, suggested by the Bradford’s Law, was not confirmed. The so-called nuclear zone (Brookes, 1969; Novaretti et al., 2015) is composed of the journals Brazilian Administration Review (BAR), Revista de Administração Contemporânea (RAC), Revista de Administração Pública (RAP) and Revista Brasileira de Gestão de Negócios (RBGN). The journal RAC stands out for having been the one that has increased its annual average of publication in relation to the theme, when compared with the findings of Andrighi et al. (2011). The journals BAR and RBGN stand out because they are in the nuclear zone, even though they were not considered in the work of Andrighi et al. (2011). It should be noted that all the analyzed journals have in common the fact of addressing the themes of management and administration and, more specifically, making room for the “competitiveness” and “cooperation” constructs. These constructs are related to the theme of networks and were the most recurrent in the articles analyzed. “Cooperation” (29), “competitiveness” (27), “knowledge” (12), “learning” (6) and “trust” (3) were the “constructs” used to compose the 77 articles analyzed. In turn, “network” (49), “alliance” (18) and “cluster” (9) were the “main term” most used in the articles. This implies that the topic of cooperation is more linked to a vision of strategy. As occurred in the research of Andrighi et al. (2011), the term “network” is the most recurrent; in addition, the growth of space obtained by the term “alliance” stands out. The terms “network” and “alliance” were the most used by the articles, being predominant in 87 per cent of the research. In the present research, the predominance of the term “network” may have occurred because its concept is broader and it is used in the literature in different ways, even in contradictory ways (Andrighi et al., 2011; Schommer, 2001). In turn, the term “alliance” may have been recurrent because it has a wide dispersion of published issues, such as governance structure, cooperation, knowledge transfer and trust (Lima and Campos Filho, 2009). By using the HCPC function of the FactoMineR extension, the articles were grouped according to their characteristics, and then three clusters were formed. By analyzing the generated results, it is assumed that the division into three clusters was the one that best represented the data. Cluster 1 is characterized by descriptive, quantitative, half documentary and half survey research studies, being “cluster” the main term. Cluster 2 is characterized by exploratory case studies with qualitative–quantitative analyzes. Cluster 3 is characterized by theoretical tests. The Zipf’s law points out that a small group of words occurs many times; however, when considering the most recurrent words Networks (9), Strategic Alliances (8), Cooperation (8), Interorganizational Networks (8) and Alliances (6) show that they were present in only about 10 per cent of the works. Lotka’s Law, which states that few authors publish much and many authors publish little, was not confirmed. The authors who presented the highest number of publications, T. Diana L. v. A. de Macedo-Soares (6); Jorge Renato Verschoore (6); Alsones Balestrin (5); Douglas Wegner (4); Humberto Elias Garcia Lopes (4), participated in less than 10 per cent of the works. Thus, the authorship was characterized by many researchers publishing few works, what can be an effect of the behavior of these authors, who prefer to publish in network. The centrality of the relations between the authors was analyzed and, in addition, the intermediation points of the network were identified. The present study also analyzed all the references used by the 77 articles that compose the study. The main author of each of the references used was identified. Among the 30 identified authors, Yin and Hair Jr. stand out for books related to fundamentals and research methodologies. Borgatti and Eisenhardt developed research on the topic of interorganizational networks and also created works for methodological foundations. Powell was the most frequently mentioned author (28) and had more different works referenced (9). Powell stands out for the production of articles published in periodicals, not books. Porter’s situation is the opposite. Most of the quotations made to the author come from his books, especially the work “Competitive strategy” (Porter, 1980). All authors identified are foreigners, with the exception of Balestrin. Marshall, Polanyi, Granovetter and Williamson are authors of works considered seminal, being them, respectively, “Principles of economics” (Marshall, 1890), “Personal knowledge: towards a post critical philosophy” (Polanyi, 1958) and “The strength of weak ties” (Granovetter, 1973) and “Markets and hierarchies, analysis and antitrust implications” (Williamson, 1975). Research limitations/implications Like all research, it has limitations. The first one derives from the selection criteria of the periodicals to be analyzed. The cut referring to the journals of greater impact excludes most of the national articles. These studies may contain important contributions to the knowledge of the national publication profile. In addition, the choice to analyze the journals disregards other types of work, such as books, scientific events, dissertations and thesis and reports. The choice of articles published in journals is based on the fact that these are a “certified knowledge”, as the studies are peer-reviewed, and in the case of the Qualis “A” stratum, a review of exogenous quality is supposed on this production. Despite its flaws, this system can be considered reliable to evaluate scientific knowledge (Bedeian, 2004; Shugan, 2007). The analysis of the most recent articles may have been hampered by a temporal issue. In addition, the choice of keywords, a necessary step, leaves out other studies. Another limitation refers to the fact that the articles have been analyzed and classified by the authors, which presupposes the use of their value judgments, at least to some extent. Other limitations refer to the bibliometric techniques employed. The main authors referenced in the studies were demonstrated, that is, those authors who have been used as a theoretical reference for studies of interorganizational networks. However, the circumstances under which these citations occurred were not analyzed. For example, an author may be quoted to use the contribution of his/her study, to be criticized or just to be another reference in the text. The lack of this analysis can be considered a fragility of the study. Practical implications This text was started talking about the dispersion of the studies on networks in the country. Previous work has been used, theoretically and empirically demonstrating this fact. Zipf’s Law applied to bibliometrics, as described by Guedes and Borschiver (2005), Novaretti et al. (2015) and Pao (1978), was not confirmed in this study, which seems to be an indicative fact that the research on this theme in Brazil presents fragmentation as an intrinsic characteristic. That is, it must remain fragmented, as this would be its own way to evolve. This is evident especially when comparing the study of Andrighi et al. (2011) and its results. With several but continuous temporal cut-outs, and the same keywords, the maintenance of this dispersion is evident. This is also a contribution of this study. Social implications The study contributed to updating the research profile, mainly after the triennium 2013-2015 of Qualis Capes’ evaluations. It also added to the mapping of recent Brazilian academic production related to interorganizational networks, completing studies by Alves et al. (2013), Andrighi et al. (2011), Balestrin et al. (2010), Cunha and Carrieri (2003) and Mascena et al. (2013). Thus, it is believed that the research reached the proposed objectives, despite its limitations. Originality/value The present research is also justified by helping to understand the subject being useful for researchers, educators and students, in general, in the task of demonstrating gaps and opportunities of future researches and collaborating with the elaboration of a research agenda (Baumgartner and Pieters, 2003). The work has updated bibliometrics on the subject and allows comparisons with previous bibliometric studies (Alves et al., 2013; Andrighi et al., 2011; Balestrin et al., 2010; Cunha and Carrieri, 2003; Ferreira et al., 2014; Lima and Campos Filho, 2009; Mascena et al., 2013). It is believed that the present study differs from the others because of the analysis performed, the way the data were treated, with techniques that are rarely used simultaneously, going beyond the descriptive statistics.

Resumo O Brasil inicia uma fase de aplicação da lei que rege o mercado de capitais, pela iniciativa privada, não em rompimento, mas em acréscimo a aplicação do direito por órgãos públicos. Aplicação da lei por iniciativa dos particulares vem a reboque do contexto histórico, relacionado tanto a ações privadas, individuais e coletivas, de outros ramos do direito, como consumidor, concorrência, quanto a notícias de escândalos e de combate a corrupção, envolvendo infrações ao mercado. Este texto procura apresentar as linhas gerais dos ilícitos mais importantes contra o mercado de capitais bem como das ações privadas de aplicação do direito que o regula. Dentre as infrações, o texto discute a manipulação do mercado, o uso indevido de informações privilegiadas e outros delitos informacionais. Quanto as ações, o artigo aponta os requisitos básicos da ação individual, da ação civil pública e da ação de responsabilidade do administrador, como meios de reparação de danos decorrentes de infrações ao mercado de capitais. Abstract Brazil begins to experience a private enforcement era of the law of the capital market, in addition to the public enforcement. The private enforcement of the securities law has been influenced by the development of the individual or class actions based on the law that regulates other areas, v.g. consumers law and antitrust law, and by news about the fight against corruption in Brazil. This paper presents the framework of the most important types of capital market misconducts and of the kinds of actions that can be used to enforce the law. The text discuss the practice of market manipulation, insider trading and other practices related to disclosure of information. Among the types of actions, the text discuss the basic requirements of the individual action, the collective action and the derivative action as ways to enforce the securities law in Brazil.

Abstract Market definition is a core concept of competition law around the globe, including in the European Union, the United States, and Brazil. In all three jurisdictions, antitrust authorities are grappling with the challenges of digital markets, often dealing with the very same digital players. The provision of zero-price services, the multisided nature of many digital platforms, and the implementation of entire digital ecosystems all challenge traditional approaches to market definition. But where there are common problems, there is a potential for common solutions. Through a comparative analysis of decisional practice relating to these past, present, and future challenges of digital market definition, this contribution maps the common ground already achieved while highlighting remaining gaps and possible solutions: for zero-price services—the past—it shows how a consensus has emerged on the theory and possible tools to define markets for ‘free’ services. On multisided platforms—the present—it finds that no such consensus has been reached yet, but strides are currently being made in developing an overall framework. And on digital ecosystems, it analyses how this challenge of the future requires the development of a coherent approach that can be based on cross-jurisdictional insights from the past and present.

How do regulatory reforms happen, and what are their roles in the economy and society? What are the connections between institutional reforms of economic governance and neoliberalism? The purpose of this research is to answer these questions through a case study of the politics of competition regulation reform in Brazil, as crystallized in the reform of the Brazilian competition authority – CADE, the Administrative Council for Economic Defence – in 1994, and the regulatory practice inaugurated since then. Antitrust laws were imported in several countries of the global South as an integral part of the neoliberal agenda of state transformation and economic liberalization of the 1990s. In the narratives of legal doctrine, economics and even in the social sciences, competition policy reform is often depicted as an evolutionary development and a successful technological solution propelled by experts and adopted by governments to avoid the undesirable consequences of a new economic model in construction and to protect consumers. Competition regulation is frequently presented as counter-evidence to the very existence of neoliberalism as a political and economic phenomenon, and to its utility as an analytical concept. In this dissertation, through conceptual tools derived from the sociology of law, economic sociology and a critical political economy, I argue that this regulatory model is both rooted in and functional for the neoliberal project of transforming economies and societies. Based on a trajectory study of and interviews with lawyers and economists involved in the reform and production of competition regulation, on documentary analysis, and on a quantitative and qualitative inquiry of decisions enacted by CADE between 1994 and 2010, I argue that the linkage between competition regulation and neoliberalism in Brazil can be visualized from three perspectives. First, from that of the roles of the concrete agents who performed reform and monopolized the practice of competition regulation: mostly corporate lawyers and neo-institutional economists whose educational backgrounds, professional trajectories, and political views are consistent with neoliberal theoretical and political tenets, and who shaped reform and instituted a mode of production of competition regulation accordingly. Second, from that of the profiles of economic concentrations and corporate conduct regulated through CADE’s decisions, and of how they are regulated, as well as in the disputes to determine competition policy’s jurisdiction over financial capital. In this sense, I describe how competition regulation has historically facilitated and legitimized several of the defining phenomena of a neoliberal economy: the concentration and expansion of foreign capital into a recently liberalized economy, the hegemony and concentration of financial capital, and a disciplinary attitude toward local and regional market agents, as opposed to global ones. Third, from the angle of how competition policy contributes to neoliberalism as a project that advocates for the destruction of social collectives – as exemplified in the protection of workers and employment – and for the parallel constitution of a regime of consumer citizenship. In this dimension, I assess how competition policy has defined consumers as the main and only subjects protected by regulation, while simultaneously and selectively excluding labor concerns and workers from its normative domain, even though they are directly affected by economic concentrations regulated by antitrust policy.

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Este trabalho quer apresentar a discussão referente ao tema da prova na análise das concentrações empresariais pelo Conselho Administrativo de Defesa Econômica (CADE) no âmbito da Lei n. 12.529/2011, notadamente diante da constatação de que tal análise, necessariamente prognóstica, se dá sob fortes condições de incerteza quanto à conformação e à dinâmica dos mercados após a consumação do ato de concentração. A discussão justifica-se para assegurar a aplicação isonômica da Lei por parte da autoridade, em um contexto em que há prognoses concorrentes a respeito de tal conformação de mercado, cabendo ao CADE fazer uma ponderação de probabilidade, verossimilhança ou plausibilidade a respeito dessas prognoses, a partir de informações apresentadas pelas empresas interessadas na consumação de uma concentração e obtidas junto a outros agentes do mercado, como concorrentes, clientes e fornecedores. Após contextualizar criticamente o quadro normativo aplicável à matéria, inclusive no que toca ao tema da incerteza, e apresentar a metodologia tradicional de análise dos chamados “atos de concentração”, cristalizada no Guia para Análise de Atos de Concentração Horizontal, editado pelas autoridades de defesa da concorrência, à luz de sua fundamentação perante a teoria econômica, o estudo examina os antecedentes históricos da matéria probatória no âmbito das concentrações no Direito Comparado, para então delimitar as discussões, no Direito Brasileiro, sobre o ônus da prova, standard probatório e os meios de prova disponíveis no âmbito do exame das concentrações no Brasil. O capítulo final conclui com recomendações voltadas ao tratamento prático do tema, considerando as especificidades apontadas ao longo do estudo.
The work aims to present the discussion regarding the theme of evidence in the review of corporate concentrations by the Administrative Council for Economic Defense (CADE) pursuant to Law no. 12,529/2011, especially in view of the conclusion that this review, necessarily forward-looking, is conducted under strong uncertainty as to market conformation and dynamics following consummation of the merger. The debate is required to assure equal enforcement of the Law by the authority, in a context in which there are competing prognoses about these market conformation, resting upon the CADE to assess the probabilities, likelihoods or plausibility of those prognoses, based upon information submitted by the merging parties and obtained from other market agents, such as competitors, clients and suppliers. After critically contextualizing the normative frame applicable to the subject, including the topic of uncertainty, and presenting the traditional methodology for the analysis of merger cases, in the form of the Horizontal Merger Guidelines edited by the competition authorities, the study reviews the history of the antecedents of the discussions about evidence in the context of merger control in Comparative Law, so it can then delineate the debate, under Brazilian Law, about the burden of proof, standard of proof and means of proof available in merger control review in Brazil. The final chapter concludes with recommendations regarding practical aspects of the matter, considering the particularities identified throughout the analysis.

O trabalho submete a teste a hipótese de que o direito concorrencial brasileiro não possui hoje grau de sofisticação institucional adequado para lidar com arranjos cooperativos interempresariais utilizados por empresas a fim de desenvolver, implantar e difundir inovações tecnológicas. O critério da sofisticação institucional empregado para tanto consiste na verificação da implementação deliberada e estratégica de mudanças institucionais pelo Estado para prover vantagens institucionais comparativas para as empresas nele baseadas, em termos de maior segurança jurídica e menores custos de compliance. A fim de identificar os fatores relevantes para tal análise são empregados conceitos teóricos das linhas de pesquisa conhecidas como Nova Economia Institucional (NEI) e Variedades de Capitalismo (VdC), bem como uma análise empírica comparativa da política concorrencial aplicável a tais arranjos cooperativos nos Estados Unidos e no Brasil.
This work tests the hypothesis that the Brazilian competition law has not today an appropriate degree of institutional sophistication to deal with interfirm cooperative arrangements employed by companies to develop, deploy and disseminate technological innovations. The criterion of institutional sophistication hereby employed consists on the verification of the deliberate and strategic implementation of institutional changes by the State in order to provide comparative institutional advantages for the companies based therein, in terms of more legal certainty and lower compliance costs. In order to identify the relevant factors for such analysis, theoretical concepts from New Institutional Economics (NIE) and Varieties of Capitalism (VoC) literatures are employed, as well as a comparative empirical analysis of the competition policy applicable to such cooperative arrangements in the United States and Brazil.

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Nas últimas décadas, notadamente a partir da década de 80, a globalização mundial e a liberalização da economia, aliadas aos avanços tecnológicos e às profundas modificações das economias nacionais, alteraram significativamente os padrões de concorrência nos mercados. Nesse ambiente de competição extrema, o acúmulo do poder econômico assumiu um novo significado para os agentes econômicos e tornou-se verdadeira garantia de sobrevivência comercial. As concentrações econômicas, portanto, apresentaram-se como meio eficaz para combater os obstáculos impostos por este novo e desconhecido mercado, de modo que sua utilização foi até mesmo incentivada por vários Estados, como instrumento de fortalecimento das economias nacionais. Porém, muito embora as concentrações econômicas possam trazer aumento de tecnologia, diminuição dos preços ao consumidor, melhoria na qualidade dos produtos e serviços, entre outros benefícios; podem também representar um grande risco à manutenção da higidez dos mercados, decorrente do uso irrazoável do poder econômico por parte desses agentes em detrimento ao bem-estar dos consumidores e da economia. Nesse contexto, um conceito passa a adquirir importante relevância na ordenação dos mercados: a defesa da concorrência. A defesa da concorrência é hoje atuada pelos Estados não mais como um instrumento para a correção de distorções tópicas, mas sim como um verdadeiro instrumento de políticas públicas, que buscam garantir a manutenção de mercado saudável e competitivo, tutelando os consumidores e a economia como um todo, através da efetivação dos princípios da livre iniciativa, livre concorrência e da repressão ao abuso do poder econômico. No que diz respeito às concentrações econômicas, a solução para equilibrar o conflito de valores por elas...
Over the last decades, remarkably since the 80’s, the world-wide globalization and economy liberalism along with technology breakthroughs as well as deep domestic economies changes have all significantly altered the markets trade competition standards. Amid such a highly competitive scenario, the economic power control has both acquired a novel meaning for the economy players and become a commercial survival true guarantee. Thus economical concentrations have shown to be effective in overcoming the pitfalls posed by this unknown new market. Therefore, several States have been encouraging such a model even as a tool to strengthen domestic economies. Yet, although economical concentrations might bring about a technological boom, lower prices to the final consumer, and an improved products and services quality, they may also represent a high risk to robust markets maintenance due to this economical power mismanagement which tends to neglect both the consumers’ and the economy’s well-being. Thus, a major concept has been playing a crucial role in ordering markets: the trade competition defense. Nowadays, States have no longer been defending trade competition as a mere tool to fix topical misplacements, but as a true public policies instrument aimed at assuring a sustained healthy competitive market on which consumers and economy are protected as a whole by means of effective liberal principles, free trade competition, and by fighting economical power abuse. As to the economical concentrations, a solution to balance the emerging values conflict lies on the trade competition control, once allowing the use of abusive economical power and other hazardous trading practices has shown to be as damaging as not enjoying the advantages provided by the economical concentrations.

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Evidences are very important for the antitrust procedure, as well as in any and all types of procedures. However, for a long time the discussion of evidences was set aside by the Brazilian antitrust community. Due to the increase in the activities of the Brazilian antitrust authorities, in both the merger control revision and the investigation of anticompetitive behaviors, there is an increase in the discussion regarding evidences. For example, which is the standard of proof necessary for a decision of any concrete case? What type of evidences is necessary for a decision in an antitrust procedure? What type of evidences can be used by the authorities? Which is the role of the economic evidences in the antitrust procedure? How to produce such economic evidences? Which are the limits for the use by the antitrust authorities of the borrowed evidences? Which are the limits that the antitrust authorities face for the evidences collected, in special regarding the new mechanisms available (leniency agreements, dawn raids and inspections)? The purpose of the present essay is to analyze these questions, seeking in CADE s case law, in commentators and in the foreign experience, the best approach to deal with the evidences in antitrust cases
As provas são muito importantes para o processo concorrencial, da mesma forma que elas são importantes para todo e qualquer tipo de processo. Entretanto, por um período essa discussão foi deixada de lado pela comunidade de defesa da concorrência no Brasil. Ocorre que com o incremento das atividades das autoridades brasileiras de defesa da concorrência, quer seja na análise de estruturas, quer seja na investigação de condutas anticoncorrenciais, estão começando a surgir diversas questões envolvendo provas. Por exemplo, qual é o padrão de prova necessário para que um caso seja decidido? Que tipo de prova é necessária para que se decida um processo concorrencial? Que tipos de provas podem ser utilizadas pelas autoridades? Qual é o papel da prova econômica no processo concorrencial? Como produzir as provas econômicas? Qual é o limite para o uso das provas emprestadas pelas autoridades de defesa da concorrência? Quais são os limites que as autoridades enfrentam para a produção de provas, em especial considerando os novos mecanismos à disposição (acordo de leniência, busca e apreensão e inspeção)? A presente dissertação tem por objeto analisar essas questões, buscando, na jurisprudência do CADE, na doutrina e na experiência estrangeira a melhor forma de tratar as provas

Orientador: Jete Jane Fiorati
Banca: Carla Aparecida Arena Ventura
Banca: José Carlos Garcia de Freitas
Resumo: Nas últimas décadas, notadamente a partir da década de 80, a globalização mundial e a liberalização da economia, aliadas aos avanços tecnológicos e às profundas modificações das economias nacionais, alteraram significativamente os padrões de concorrência nos mercados. Nesse ambiente de competição extrema, o acúmulo do poder econômico assumiu um novo significado para os agentes econômicos e tornou-se verdadeira garantia de sobrevivência comercial. As concentrações econômicas, portanto, apresentaram-se como meio eficaz para combater os obstáculos impostos por este novo e desconhecido mercado, de modo que sua utilização foi até mesmo incentivada por vários Estados, como instrumento de fortalecimento das economias nacionais. Porém, muito embora as concentrações econômicas possam trazer aumento de tecnologia, diminuição dos preços ao consumidor, melhoria na qualidade dos produtos e serviços, entre outros benefícios; podem também representar um grande risco à manutenção da higidez dos mercados, decorrente do uso irrazoável do poder econômico por parte desses agentes em detrimento ao bem-estar dos consumidores e da economia. Nesse contexto, um conceito passa a adquirir importante relevância na ordenação dos mercados: a defesa da concorrência. A defesa da concorrência é hoje atuada pelos Estados não mais como um instrumento para a correção de distorções tópicas, mas sim como um verdadeiro instrumento de políticas públicas, que buscam garantir a manutenção de mercado saudável e competitivo, tutelando os consumidores e a economia como um todo, através da efetivação dos princípios da livre iniciativa, livre concorrência e da repressão ao abuso do poder econômico. No que diz respeito às concentrações econômicas, a solução para equilibrar o conflito de valores por elas... (Resumo completo, clicar acesso eletrônico abaixo)
Abstract: Over the last decades, remarkably since the 80's, the world-wide globalization and economy liberalism along with technology breakthroughs as well as deep domestic economies changes have all significantly altered the markets trade competition standards. Amid such a highly competitive scenario, the economic power control has both acquired a novel meaning for the economy players and become a commercial survival true guarantee. Thus economical concentrations have shown to be effective in overcoming the pitfalls posed by this unknown new market. Therefore, several States have been encouraging such a model even as a tool to strengthen domestic economies. Yet, although economical concentrations might bring about a technological boom, lower prices to the final consumer, and an improved products and services quality, they may also represent a high risk to robust markets maintenance due to this economical power mismanagement which tends to neglect both the consumers' and the economy's well-being. Thus, a major concept has been playing a crucial role in ordering markets: the trade competition defense. Nowadays, States have no longer been defending trade competition as a mere tool to fix topical misplacements, but as a true public policies instrument aimed at assuring a sustained healthy competitive market on which consumers and economy are protected as a whole by means of effective liberal principles, free trade competition, and by fighting economical power abuse. As to the economical concentrations, a solution to balance the emerging values conflict lies on the trade competition control, once allowing the use of abusive economical power and other hazardous trading practices has shown to be as damaging as not enjoying the advantages provided by the economical concentrations.
Mestre

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O presente trabalho de conclusão de mestrado visa contribuir para esclarecer conceitos, propor novos caminhos e fomentar o debate a respeito da busca pela reparação de danos como forma de desestimular a prática de cartel. Para tanto, foram observados alguns os cartéis já condenados e alguns casos ainda em andamento no CADE, bem como a legislação do Brasil e de outras jurisdições. A primeira parte contém breve explicação sobre o Sistema Brasileiro de Defesa da Concorrência e infrações à ordem econômica, bem como a configuração e a punição do cartel perante o CADE. A segunda parte identifica as implicações do Acordo de Leniência e do Termo de Cessação de Conduta - TCC, bem como o prazo de prescrição para propositura de ação indenizatória. Além disso, descreve as características da ação judicial e as dificuldades que precisarão ser enfrentadas, com destaque para a questão do cálculo do dano. Na terceira parte deste trabalho, são apresentadas contribuições de medidas que, se adotadas, poderão desestimular a prática 9de cartel e aumentar o enforcement da reparação de danos à concorrência. Algumas poderão ser implementadas de imediato e outras dependerão de alteração legislativa. Neste aspecto, também foi realizada a análise do projeto de lei do senado que visa alteração a Lei de Defesa da Concorrência – LDC (Lei nº 12.529/2011), para estimular o ajuizamento de ações visando ressarcimento de danos decorrentes de infrações à ordem econômica. Por fim, o trabalho contém três anexos, sendo o primeiro deles referente à legislação aplicável às regras de prazo e contagem de prescrição no Brasil e em outras jurisdições. O segundo anexo trata de jurisprudência, listando, de forma exemplificativa, algumas ações coletivas e ações indenizatórias individuais, bem como traz exemplos de protestos para interromper a contagem do prazo de prescrição.
This dissertation aims to contribute to clarify concepts, discuss practical cases, propose new ways and foster debate regarding the search for damages as a way to discourage cartel practice. In order to do so, we have observed the already convicted cartels and the cases still in progress at CADE and the laws of Brazil and other jurisdictions. The first part contains a brief explanation of the Brazilian System of Defense of Competition and infractions to the economic order, as well as the configuration and punishment of the cartel before CADE. The second part identifies the implications of the Agreement of Leniency and the Term of Cessation of Conduct - TCC, as well as the limitation period for filing a claim. In addition, it describes the characteristics of the lawsuit and the difficulties that will need to be faced, with emphasis on the issue of the calculation of damages. In the third part of this work, contributions of measures are presented that, if adopted, could discourage the practice of cartel and increase the enforcement of the reparation of damages to the competition. Some may be implemented immediately and others will depend on legislative change. Finally, the work contains three annexes, the first of which refers to the legislation applicable to the rules about period limitation and counting of statute limitation in Brazil and in other jurisdictions. The second annex deals with jurisprudence, listing the main issues discussed in collective actions and individual indemnification actions, as well as showing examples of protests to stop the counting of the period of limitation. The last annex contains an analysis of the Senate bill drafting that seeks to amend the Competition Law - LDC (Law nº 12.529/2011), to stimulate the filing of actions to recover damages arising from breaches of the economic order.

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The work presented herein has its purpose in the study of Antitrust Law from a perspective of the private law as to an attempt to understand the restrictions imposed by CADE to corporations when reviewing mergers and acquisitions that would allegedly likely to reduce competition. In this sense, the paper will examine the market as an institution established by Law in accordance with the social and economical development of a given society and which, without the proper guidelines and institutionalization, it functions incorrectly, thus it moving away from the primary objectives established in its idealization and inception. In fact, market power produces the biggest distortions in this institution, operating the three existing flaws: monopoly, information asymmetry and consumers losses. Therefore; it is the very Law that conceives boundaries and limits, employing a variety of techniques, in order to regulate the market and ensure its correct functioning. Bearing this concept of market in mind, the paper considers the formation of the State and consequently its own market - and of the current legislation as to the understanding of State s economic intervention and corporation regulation. In determining the courses of action from both the government and the corporation its boundaries will be met in the moment of the antitrust analysis, in order to verify that once the State s intervention is justified, it shall be done with respect to the laws and constitutional rules applied to the principles of the right of property, fundamental rights and stony clause. As a conclusion to this work, it will surface that limiting a company s actions for the sake of free competition is of utmost necessity. Further, it is legislative based and it is imperative to the State to carry it out. However, when imposing the restrictions it deems necessary, the State also by force of national legislation - must not guide private activity nor neglect the rights withheld by corporations when determining the required restrictions. Thus, the State shall then see that the parties may choose on the best way to be remunerated or guarantee the indemnification due to the damages caused by the imposed restrictions
O presente trabalho tem como objetivo estudar o direito antitruste de uma perspectiva de direito privado, de forma a compreender as restrições impostas pelo CADE à empresa no que se refere à análise de atos de concentração. Desta forma, o trabalho analisará o mercado como uma instituição criada pelo Direito de acordo com a evolução social e econômica de determinada sociedade e que, sem a devida institucionalização e balizamento, funciona de forma incorreta, afastando-se dos objetivos estabelecidos na sua idealização e criação. A detenção de poder de mercado por parte de alguns participantes gera as maiores distorções nessa instituição, operando as três falhas existentes: o monopólio, a assimetria de informações e o prejuízo ao consumidor. Desta forma, o próprio Direito cria limites utilizando-se de técnicas diversas para regular o mercado e garantir o seu correto funcionamento. A partir dessa concepção do mercado, far-se-á uma análise da formação do Estado e conseqüentemente do mercado brasileiro e da legislação em vigor no que se refere ao entendimento da intervenção do estado na economia e também da regulamentação da empresa. Após delimitada as formas de atuação do estado e as formas de atuação da empresa e do seu modo de intervir no processo concorrencial, far-se-á o encontro desses limites no momento da análise antitruste, de forma a verificar que, justificada a intervenção do Estado, a mesma está circunscrita a normas legais e constitucionais que se lhe exige seja feita com respeito ao direito de propriedade; direito fundamental e cláusula pétrea. Exsurge, então, como conclusão do trabalho que a limitação à atuação da empresa para proteção da concorrência é de extrema necessidade e guarda total embasamento legislativo e que ao Estado é imperativo realizá-la. No entanto, ao impor as restrições que entender necessárias, ao Estado não cabe, também por força da legislação nacional, dirigir a atividade privada com as suas restrições e tampouco negligenciar os direitos detidos pelas empresas no momento de determinar as restrições necessária, devendo assim, cuidar de dar às partes a opção de escolher a forma que melhor remunerá- la, ou garantir indenização pelos danos causados pela restrição determinante

Defence Date: 05 March 2010
Examining Board: Prof. Heike Schweitzer, European University Institute, Law Department (Supervisor); Prof. Giuliano Amato, European University Institute, Law Department; Prof. Frédéric Jenny, ESSEC Business School, Paris; Juan Antonio Rivière y Matí, European Commission, Brussels
PDF of thesis uploaded from the Library digital archive of EUI PhD theses
The dissertation discusses the development of competition law in the emerging economies. In particular, the research focuses on the systems of merger control, taking Brazil and Argentina as case studies. The core subjects discussed in the dissertation concern the institutional issues undermining the enforcement of competition law in the emerging economies, the features that a system of merger control should have in an emerging economy, and the problems faced by the competition authorities of the emerging economies when they have to review multi-jurisdictional concentrations. Brazil and Argentina have been selected as case studies due to the fact that they have an enforcement record of a system of merger control of ten and fifteen years respectively. Moreover, the number of cross-border competition law cases involving Brazil and Argentina has recently increased, due to the strong trade links that these countries have established within Mercosur. From a methodological point of view, the research is based on the analysis of the Brazilian and Argentinean legislations in the field of competition law, as well as the main merger decisions adopted by the competition authorities and the judgements held by the courts of these countries. In addition, the empirical analysis is based on the interviews conducted by the author between April and July 2008 in Buenos Aires, Brasília and São Paulo with competition lawyers and officers of the competition authorities of these countries. In the final chapter of the thesis the findings concerning Brazil and Argentina have been discussed against the background of the literature concerning the topic of competition law in the emerging economies. The overall objective of the research was to identify a number of policy lessons applicable to other emerging economies which have recently introduced a system of merger control at the internal level.

This chapter on mergers and acquisitions (hereinafter M&A) is divided into four parts: acquisition of privately held corporations (private M&A), mergers by corporate reorganization, acquisition of publicly held corporations (public M&A), and merger control. The focus is on M&A because merger control is, in principle, very similar to US and EU antitrust or competition law and therefore only some distinct features of it will be discussed. The part on private M&A will provide an in-depth analysis of share purchase agreements, while the part on public M&A will mainly discuss the conflict between minority and controlling shareholders. The chapter will also present the different standard forms of corporate reorganization, such as merger by absorption, triangle merger, division (spin-off and split-up), and transformation (change of legal form). Thereby, comparison with US law and practice will be important.