Does the Brazilian Antitrust Authority investigate conducts carried abroad?
The Administrative Council for Economic Defense – CADE is the Brazilian Antitrust Authority in charge of investigating and punishing anticompetitive conducts, including conducts carried out abroad if they may produce effects in Brazil. Article 2 of the Brazilian Antitrust Law (Law N. 12,529/2011) establishes that its enforcement is not limited to conducts performed within the national territory, but it also includes conducts performed abroad that may produce effects in Brazil, even if such effects are not achieved.1
CADE has developed an effects theory when analyzing international conducts that may have effects in Brazil, particularly international cartels. This chapter provides an overview of the relevant decisions in which CADE established this cause-effect connection between conducts abroad and their possible effects in the Brazilian markets...
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