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ARTICLE · 20 JULY 2014

Dispute Over Jurisdiction Between CADE And BACEN Reaches An End

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The dispute between these two institutions (BC and CADE) is coming to an end.

BrazilAntitrust/Competition Law
Eduardo Gaban
Eduardo Gaban
Marcos Vinicius Duarte.
Marcos Vinicius Duarte.
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Keywords: CADE, BACEN, Brazilian Central Bank, antitrust, mergers

On July 9th, 2014, Judge Dias Toffoli of the Brazilian Supreme Court of Justice, decided in the BCN v. Administrative Council for Economic Defense (CADE) case (Appeal No. 664.189), that the Brazilian Central Bank (BC) has exclusive jurisdiction to analyze and rule on antitrust matters concerning mergers and acquisition transactions between financial institutions.

The dispute between these two institutions (BC and CADE) is coming to an end. It began between 2001 and 2002, when CADE recalled the jurisdiction of the analysis that the BC had been carrying out exclusively until then. The argument is that the Brazilian antitrust law (Law No. 8.884/84 at the time, but since replaced by Law No. 12.529/11) did not specify what kind of market CADE would be able to investigate, opening the opportunity for CADE to investigate all sectors and industries, including financial activities. However, Law No. 4.595/64

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