Brazil: Administrative Council for Economic Defense's released updated guidelines on notification criteria for mergers

On 23 April 2025, the Brazilian Administrative Council for Economic Defence (CADE) updated guidelines on the notification of concentration acts, with specific clarifications on operations carried out abroad. The update confirms that transactions producing or potentially producing effects in the national territory are subject to mandatory notification under Article 2 of Law No. 12,529/2011. The guidance outlines that concrete effects may arise through exports or subsidiaries, while potential effects are assessed based on whether the relevant geographic market encompasses Brazil, regardless of current operations or plans in the country. The update further specifies that the absence of past activity or future plans in Brazil does not preclude notification requirements if the transaction involves markets with global or Brazil-inclusive geographic dimensions. These modifications align with Cade Resolution No. 33/2022's provisions on economic group composition and aim to enhance transparency in merger review procedures.