Quorum CADE is now fully complete
The appointment of Luis Henrique Bertolino Braido to take office as a Commissioner of the Brazilian Antitrust Authority - the Administrative Council for Economic Defense (CADE) was published yesterday (October 5th) on the Brazilian Official Federal Gazette. Now, CADE’s Tribunal quorum is fully reestablished.
Luis Braido will join the newly appointed members, Sergio Costa Ravagnani, Luiz Augusto Azevedo de Almeida Hoffmann and Lenisa Rodrigues Prado. Luis will have to take office within 30 days and to start working within the following 15 days, according to Law 8,112/1990. CADE's new composition can be seen in the figures below.
The reestablishment of CADE’s Tribunal full quorum must be celebrated, after the agency has been paralysed for almost 3 consecutive months (from July 17, 2019 to October 7, 2019) due to the absence of the minimum quorum of 4 members) to approve M&A transaction and perform trial sessions.
As we have reported in our blog, the extensive lack of quorum resulted in the suspension of more than 80 mergers, acquisitions, joint ventures and associative agreements, which, although approved by CADE's General Superintendence, could not be duly closed by the parties.
CADE is composed by the following bodies: the Tribunal, the General Superintendence, the Department of Economic Studies and the Federal Attorney's Office, which may be directly supported by the Federal Public Prosecution through the issuance of non-binding legal opinions related to ongoing investigations for violations to the economic order.
CADE's website provides very interesting documents for anyone who wants to learn more about the agency history: