The Brazilian Takeover Panel will exercise its supervisory functions exclusively upon request. The mechanisms to request statements from Brazilian Takeover Panel are:

  • Prior Consultations;
  • Consultations;
  • Complaints.

The Complaint has the objective of verifying a breach of any of the Core Principles or Rules of this Code, or of a legal or regulatory rule applicable to transactions the Panel is tasked with supervising upon request.

In this procedure, a hardcopy form or an email must be sent to the Panel. The Panel Chair will designate a Decider, who can be 1, 3 or 5 Panel members. The respondents will be notified about the complaint. The Panel shall promptly serve notice of the Complaint on respondent, in order for the latter to answer the Complaint within a deadline to be assigned by the Decider, provided the deadline spans no less than 5 business days nor more than 10 business days after the notice date.

After this, the production of proof step will begin. The decision must be released 20 Days, if the Decider is 1 Panel member, and 30 Days, if the Decider is a designated Ad Hoc Committee. The whole procedure is described on Panel Code and Release Directive 001.

A motion to review shall be available for filing against monocratic decisions of the Panel Chair or of the Decider summarily rejecting a Complaint and (ii) the monocratic rulings issued in response to a Complaint or in Administrative Proceedings by a single Panel member designated as Decider.

To know more about this procedure, it is recommended the reading of the Panel Code, especially articles from 97 to 114 and from article 120 to 134.


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