Defence of competition: start of the stopwatch for prior checking

Decree No. 284/2026, published in the Official Gazette on 28 April 2026 and effective as from the day of its publication, formalises the integration of the National Competition Authority and the Antitrust Court, activating the one-year period provided for in Law 27.442 for the full entry into force of the mandatory prior control system for economic concentrations.

Consequently, as of April 2027, economic concentration transactions that exceed the legal thresholds must be notified and approved -expressly or tacitly- prior to their completion or closing.

Although the post-notification regime remains in force, this new institutional stage generates relevant effects that should be considered in the planning of M&A transactions, especially with respect to deadlines, closing conditions and possible restrictions until the corresponding authorisation is obtained.

Likewise, the formation of the Court strengthens the technical independence of the authority on mergers, acquisitions and investigations for anti-competitive conduct, and provides greater predictability for the operation of the Leniency Programme provided for in Law 27.442.

In this context, we recommend our clients to review their ongoing or planned M&A processes, as well as to reinforce their compliance programmes and internal antitrust training, in order to mitigate regulatory risks and anticipate the new control scheme.

Antitrust Area Team.