There are 3 applicable penalties that Brazilian Takeover Panel may assign to adherent companies or to entities which submit specific transaction for judgment:
- Private Statement of Censure: statement addressed solely to the offender, and indicates the offender, in the opinion of the Panel, has breached a legal or regulatory provision or the Rules of Panel Code;
- Public Statement of Censure: statement addressed to the offender and publicly released in the Panel website, indicating the offender has breached a legal or regulatory provision or the rules of the Panel Code;
- Withdrawal of the ‘Panel Seal’.
The article 136 of the Panel Code has more information about the applicable penalties.