Corporate Investigations Newsletter – September 2026

The Corporate Investigations Newsletter aims to provide information on the main media news, trends, cases, and legislation concerning compliance, white-collar crime, competition and international trade matters in Brazil and abroad. This newsletter is for informative purposes only, and should not be used for decision making. Specific legal counseling may be provided by our legal team.

Enjoy reading!

Compliance and Investigations, White-Collar Crime, Competition, and International Trade and Customs teams.

Operation “Hidden Credit”: Brazilian investigation uncovers new financial connections involving individuals investigated by Operation “Hidden Carbon”

Operation Crédito Oculto (“Hidden Credit”, in English), the third phase of Operation Carbono Oculto (“Hidden Carbon”, in English), uncovered evidence of asset concealment and the disguising of the source of funds used to acquire a fuel distributor. The operation was launched in September by the

The authorities stated that the criminal organization allegedly used overlapping corporate and financial structures—involving investment funds and seemingly independent companies—to conceal the true beneficial owners of a sugar and ethanol mill in the state of São Paulo and, subsequently, to facilitate the acquisition of one of Brazil’s largest fuel distributors. Among the key findings is a transaction valued at approximately BRL 370 million in receivables from the mill, with part of the funds coming from investment vehicles controlled by the group under investigation. The parties under investigation include a former executive of Banco Genial and the owner of an investment management firm who entered a plea bargain in connection with the investigations into Banco Master.

See more information on the Federal Revenue Service’s news report.

Operation Vectura Corrupta: Civil Police investigates PCC influence in bus companies in the city of São Paulo

The Civil Police and the São Paulo State Public Prosecutor’s Office have launched Operation Vectura Corrupta, which investigates the alleged infiltration of criminal organization Primeiro Comando da Capital (PCC) into companies within São Paulo’s public bus system. Sixteen arrest warrants and 18 search and seizure warrants were executed in São Paulo and other municipalities across the state. The individuals under investigation include businesspeople, lawyers, former public officials, and politicians.

The investigations showed that the PCC operated across several fronts, including transportation companies, bidding proceedings, political influence networks, and election campaigns. The authorities are also investigating the activities of a group of lawyers who allegedly acted in the interests of the PCC, exceeding the legitimate scope of legal representation. The official report shows that 12 of the 22 bus companies operating in São Paulo are suspected of having ties to the criminal organization.

See the full list of names identified by the investigation in the G1 news report.

Company established months before a BRL 25 million contract raises suspicions of fraud in Acre’s education sector

Brazil’s Federal Police, assisted by the Brazilian Office of the Comptroller-General (CGU), launched Operation Death Note, to investigate the misappropriation of federal funds that the National Fund for Educational Development had allocated to the Acre State Department of Education. Twenty-seven search and seizure warrants were executed in cities across Acre, Amazonas, and São Paulo. In addition, the courts ordered the seizure of assets owned by the individuals under investigation, allegedly acquired with misappropriated funds. The aim is to preserve these assets for potential reimbursement to the public treasury of losses, estimated at over BRL 30 million by the CGU.

The investigation stemmed from a risk assessment conducted by the CGU of the department’s contracts that utilized federal funds. The agency found that the company contracted to provide Enem (Brazil’s National High School Exam) preparation software, under an initial contract worth BRL 25 million, had been established just a few months before the contract was awarded. The investigation also identified flaws in how the reference price was determined and in the use of quotes from companies that were not active in the sector. The investigated parties may be held accountable, among other offenses, for bid-rigging, embezzlement, active and passive corruption, money laundering, and participation in a criminal organization.

See more information on the full G1 article.

Operation Hermanos: Federal Revenue Service investigates money laundering scheme

In partnership with the Federal Police, the Federal Revenue Service launched Operation Hermanos to investigate an alleged money-laundering scheme that reportedly used formally established companies to conceal, move, and reintroduce funds of potentially illicit origin into the financial system. The investigation ordered by the 1st Federal Court of Umuarama is a development of Operation Transloading, which uncovered the activities of a criminal organization linked to international drug and arms trafficking.

The investigation revealed that although the company under investigation was classified as a microenterprise with a declared share capital of BRL 62,000, it handled approximately BRL 89.7 million between 2019 and 2025, an amount that is inconsistent with its declared structure. Financial intelligence reports from the Brazilian Council for Financial Activities Control (COAF) flagged several suspicious transaction reports involving the company. The subsequent lifting of bank and tax secrecy revealed, among other issues, large-volume cash deposits and withdrawals, fragmented transfers, the movement of funds between related individuals and companies, and the use of pass-through accounts.

See more information on the Federal Revenue Service’s news report

Brazil bans fixed-odds betting and submits bill to criminalize betting operations

Brazil’s Federal Government has banned the operation, offering, intermediation, and advertising of fixed-odds betting across the national territory, whether in physical or virtual environments.

The ban was introduced by Provisional Decree No. 1,394/2026, published on September 25. On the same day, the Executive Branch submitted Bill No. 5,477/2026 to the Brazilian Congress, proposing the establishment of new crimes related to the operation and promotion of fixed-odds betting services

The proposed crimes include:

As the bill is still under consideration, these new crimes remain subject to approval by the National Congress and sanction by the Brazilian President before taking effect. . Until then, criminal liability will continue to be assessed under current legislation and the specific circumstances of each case.

Concurrently, Decree No. 13,128/2026 regulated the Interinstitutional Committee for the Oversight of Illegal Fixed-Odds Betting Operations and Advertising. The committee comprises representatives from various federal agencies, including the Federal Police and the Brazilian Council for Financial Activities Control. It will coordinate prevention, oversight, and enforcement efforts, focusing on information sharing and the disruption of financial flows.

See more details: Provisional Decree No. 1,394/2026, Bill No. 5,477/2026,  and Decree No. 13,128/2026.

New law increases penalties for fuel-related crimes and establishes new crimes involving products of criminal origin

Brazil’s federal government has enacted a new law to strengthen enforcement against crimes involving petroleum, natural gas, ethanol, biofuels, and lubricating oils.

Published on September 23, 2026, Law No. 15,517/2026 amended the Brazilian Penal Code and Law No. 8,176/1991 to introduce the following changes:

• Increasing the penalty for the theft of these products to four to ten years in prison and a fine.
• Increasing the penalties for theft and robbery when they result in shortages, fires, pollution, or the suspension of an establishment’s operations.
• Increasing the sentence for thefts that result in shortages, fires, pollution, or the shutdown of an establishment’s operations.
• Establishing two new economic crimes:
  • Acquiring, transporting, storing, selling, or using these products, knowing that they are proceeds of crime — three to eight years in prison and a fine.

• Acquiring, receiving, or possessing products that should be presumed to have been obtained through criminal activity based on their nature, the disproportion between their value and price, or the status of the person offering them — one to four years in prison and a fine.

See more details: Law No. 15,517/2026.

Federal court convicts mining company and three former managers over the Fundão tailings dam collapse

Brazil’s Federal Regional Court of the 6th Region (TRF-6) partially granted the appeal filed by the Federal Public Prosecutor’s Office and convicted the mining company that operated the Fundão Dam and three former managers of causing flooding resulting in death and environmental crimes. The Court upheld the acquittals of the other individual defendants, finding insufficient evidence that they were aware of the specific risk at issue, and the acquittals of the other companies, because they had no direct involvement in operational decisions.

The Court also disagreed with the lower court’s ruling, which required a high degree of certainty that the measures allegedly not taken would have prevented the collapse. According to the appellate decision, given the complexity of the disaster and its multiple contributing causes, it was sufficient to demonstrate that the former managers had both the duty and the means to adopt measures that could have materially reduced the risk. The Court also found that the managers ignored technical warnings and continued operations amid the deteriorating safety of the dam, and were therefore liable for the crimes of flooding and pollution.

In holding the mining company liable, the Court pointed to deficiencies in its internal organization and the ineffectiveness of its compliance mechanisms. Although the company had established an independent panel of experts to support the management of dam-related risks managing dam-related risks, the appellate decision identified limitations in the panel’s work, including restricted access to documents and delays in receiving relevant information. According to the Court, compliance with the panel’s recommendations could only have exonerated the mining company from liability if the experts had been provided with relevant, up-to-date, comprehensive, and accurate information.

See more details: TRF6 condena Samarco e ex-gerentes por rompimento de barragem em Mariana

Central Bank expands virtual asset reporting obligations to combat money laundering

The Central Bank of Brazil has issued new resolutions that strengthen measures to combatmoney laundering and the financing of terrorism in the virtual assets market.

Under Resolutions No. 589 and 591, virtual asset transfers of USD 10,000 or more to or from self-custodied wallets must be reported to the Brazilian Council for Financial Activities Control (COAF). The rules also expanded traceability requirements and reporting obligations relating to custody arrangements and proof-of-reserves disclosures.

The resolutions aim to strengthen cooperation among the authorities responsible for preventing and investigating financial crimes. In this context, COAF and the Federal Police entered into a technical cooperation agreement in July 2026 to share data and information, provide training, and conduct joint prevention and investigation efforts.

Both resolutions are already in force.

See more details:

BCB Resolution No. 589, dated September 23, 2026

BCB Resolution No. 591, dated September 30, 2026

Institutional measures

Public consultation: CADE to receive contributions until November 6 on proposed amendment to its bylaws

On September 23, 2026, Brazil’s Administrative Council for Economic Defense (CADE) launched a public consultation on the proposed amendment to the agency’s bylaws. The proposal updates the bylaws, which have been in effect since 2018, consolidating rules currently set out in separate regulations. Contributions can be submitted through the Brasil Participativo platform by November 6, 2026.

The amendments encompass a wide range of topics: governance and planning of competition policy; competition advocacy and market studies; public participation, third-party intervention, and amicus curiae procedures; institutional structure (including the Parliamentary Affairs Office and the Ethics Committee); consolidation of rules on information processing and confidentiality; trials and virtual deliberation process; case assignment through random electronic allocation; procedural rules for the dismissal of preliminary inquiries and administrative investigations and the Tribunal’s power to review such decisions; third-party intervention in merger review proceedings; merger control agreements; preliminary assessment of conduct complaints; interim measures; and antitrust damages actions.

Without prejudice to the other amendments introduced, we highlight four areas that bring particularly significant changes:

• Establishment of a new committee and a priority agenda:

The proposal establishes the Competition Policy Governance and Planning Committee, responsible for coordinating CADE’s strategic actions. It will comprise representatives from CADE’s Tribunal, General Superintendence, and Department of Economic Studies. The committee will coordinate competition advocacy efforts and must propose a priority agenda to the Tribunal, valid for two years, and to be published by December 20 of each odd-numbered year. This agenda will identify, among other elements, the priority sectors and practices for monitoring, the advocacy focus areas, and the proposed regulatory instruments. The agenda will be developed following a public consultation of at least 30 days.

• New initiatives for third-party participation:

The proposal significantly expands public participation channels within CADE’s activities. Regarding public participation procedures, CADE’s bylaws will now provide for five instruments, each with its own set of rules: internal consultation, call for contributions, participatory meeting, public consultation, and public hearing.

The public consultation will be mandatory for the approval of regulatory acts that affect economic agents and must receive contributions for at least .

In addition to public participation procedures, the scope for third-party involvement in CADE’s proceedings has been expanded. The proposal provides for the amicus curiae, which previously lacked specific provisions. It also allows CADE to invite or admit the participation of interested third parties and amici curiae in any proceeding. A third party, upon demonstrating a direct legal or economic interest, may seek leave to intervene in the proceeding, submit written statements, file supporting documents, present oral arguments, and lodge appeals. The amicus curiae, in turn, will contribute technical expertise. They will bear the same rights, except for the standing to appeal. CADE may also require participants to disclose their interests, affiliations, and sources of funding related to the matter under review.  

• Interim measure:

The proposal sets a maximum 180-day term for rulings on requests for interim measures, which may be extended once for up to 60 days. If a ruling is not reached within this period, the interested party may file an appeal with the Tribunal. In such case, the rapporteur will have 15 days to rule on the suspensive effect, and any preventive measure must be approved by the Tribunal.

• Antitrust damages:

The Tribunal’s decision will now be submitted to the Public Prosecutor’s Offices, to the identified victims, and to the Public Legal Counsel’s Office of the aggrieved federative entity, so that appropriate civil-law measures can be taken. Duly substantiated compensation will be taken into consideration when assessing the offender’s good faith and the extent of the harm for determining the amount of the fines[1]. In practical terms, compensating competition damage in advance may help reduce the penalty imposed by CADE. The measures are intended to encourage private enforcement and to promote Antitrust Damages Actions.

See the details: Cade abre consulta pública sobre proposta de Emenda ao Regimento Interno

Public consultation: CADE to accept contributions by November 6 for the revision of Resolution No. 33/2022

CADE has opened a public consultation on the revision of Resolution No. 33/2022, which provides for the notification of mergers and the fast-track review. The proposal does not change the revenue thresholds outlined in Law No. 12,529/2011, but seeks to provide greater predictability in identifying the parties and economic groups involved, while reducing notifications triggered by factors that are not closely aligned with the transaction’s economic substance. Contributions can be submitted through the Brasil Participativo platform by November 6, 2026.

Key changes include:

• Notifying parties: any party directly involved in the transaction that does not sign the notification must now be fully identified, and the reasons for its absence must be stated.
• Calculation of economic group revenue: the proposal reorganizes the criteria for determining the composition of an economic group as follows:
  • Application of the 20% threshold: this percentage applies to companies in which entities under common control hold an interest; only the ownership interests held directly by those entities are taken into account.
  • Presumptions of control: they will now be based on specific governance and control rights, including: majority voting rights or the power to appoint a majority of the management body; the ability to prevent the formation of a quorum; rights relating to the business plan and commercial policy; the right to appoint or veto directors or officers; and contractual arrangements conferring equivalent management powers. Ownership stakes of less than 20% can still constitute control. Rights designed exclusively to protect an investment are excluded from these presumptions, and the list is not exhaustive.
  • Materiality of the selling party: in acquisitions of equity interests—except for asset acquisitions—the revenue attributable to the seller side will be determined based on the business or economic activity effectively transferred in the transaction, rather than on the total revenue of the seller’s economic group. The revenue taken into account is the gross revenue generated in Brazil that is attributable to the business being acquired, even if the corresponding revenue is recorded by another entity within the seller’s group.
  • Investment funds: the specific rules applicable to investment funds remain unchanged in this round of amendments, with a recommendation to address the matter in a subsequent review following data collection and the systematization of the General Superintendence’s practice.
• Acquisitions of equity interests: the de minimis rules are revoked. In addition to the acquisition of control, the most recent acquisition—whether on its own or when combined with previous ones—must now be reported if it results in an increase of 20% or more. This eliminates the 5% threshold currently applicable to competitors or vertically related companies. Acquisitions by the sole controlling shareholder and those that merely reinforce shared control are exempt.
• Fast-track procedure: the regulation now provides for transactions that may qualify for this procedure, while preserving the General Superintendence’s discretion to determine the appropriate review process. The proposal lists factors that may recommend review under the ordinary procedure, including the presence of a firm playing a disruptive or disciplining role, a potential or recent entrant, cross-shareholdings among the parties’ shareholders, and markets with a history of coordination. These factors are intended solely for procedural purposes. Switching to the ordinary procedure requires a reasoned decision and an amendment to the notification.
• Call-in power: CADE may periodically issue general guidance on the exercise of the statutory power to request the submission of transactions that do not meet the mandatory filing thresholds (call-in power), without creating a new notification threshold.

See more details: Cade abre consulta pública sobre regras de notificação de atos de concentração

New development in case law

CADE dismisses case based on countervailing power theory

CADE’s Tribunal ordered the dismissal of the administrative proceeding that investigated the creation and publication of reference fee schedules by the Association of Camera Assistants of São Paulo (ACASP) and the Association of Lighting and Machinery Technicians (ASTIM), both of which represent technical professionals in São Paulo’s audiovisual sector.

In reviewing the complaint filed by the Brazilian Association of Audiovisual Production (APRO), Reporting Commissioner Diogo Thomson acknowledged a structural asymmetry in bargaining power between the professionals and the production companies that hire them. He concluded that the associations’ actions helped mitigate this imbalance without eliminating the freedom to negotiate individually.

Among other factors, the ruling accounted for the absence of coercive or enforcement mechanisms to impose the prices set out in the fee schedules, as well as the entities’ limited ability to influence market behavior, applying the theory of countervailing power to the case. Commissioner Thomson emphasized, however, that this interpretation is limited to the specific circumstances of the case and does not constitute a general authorization for professional associations to adopt fee schedules.

Noteworthy cases 

Recent CADE rulings involving the registration of financial assets, the beverage industry, digital platforms, and artificial intelligence

• Financial asset registration: CADE approves B3’s acquisition of CRDC, subject to a merger control agreement to mitigate competition concerns

CADE’s Tribunal approved B3 S.A. Brasil, Bolsa, Balcão’s acquisition of a 60% voting interest in Central de Registro de Direitos Creditórios S.A. (CRDC), subject to the execution of a Merger Control Agreement. The transaction also includes the execution of a partnership agreement among B3, CRDC, and the São Paulo Commercial Association (ACSP) to expand the parties’ joint activities in the credit solutions market.

The review identified potential competition concerns in the markets for the registration of paper-based trade receivables, Bank Credit Notes, and Rural Product Notes, as well as in the emerging market for the registration of electronic trade receivables. In response to these concerns, the merger control agreement established obligations regarding transparency, governance, interoperability, and commercial neutrality. It also imposed restrictions on future acquisitions of competitors and implemented monitoring mechanisms. Reporting Commissioner José Levi stated that the package of competition remedies adopted is sufficient to preserve effective competitive conditions in the markets affected by the transaction.

• Beverage sector: CADE finds Cervejaria Petrópolis and Imcopa liable for gun jumping

CADE’s Tribunal found that Cervejaria Petrópolis S.A. engaged in gun jumping in its acquisition of control over Imcopa Importação, Exportação e Indústria de Óleos S.A., in which the transfer of control had been ordered as part of Imcopa’s judicial reorganization proceedings.

According to Reporting Commissioner José Levi, although the transaction was formally notified to CADE in April 2024 and subsequently approved unconditionally, the transfer of control had already been concluded in March of that year, before it was submitted to the antitrust authority.

Commissioner Levi emphasized that the jurisdiction of the judicial reorganization court neither replaces the competition review entrusted to CADE nor exempts the parties from complying with Brazil’s mandatory pre-merger notification regime. As a result, the Tribunal fined the companies BRL 1,382,418.22 for gun jumping.

• Digital platforms: CADE continues investigation into clauses used by 99Food and denies Keeta’s request for an interim measure

CADE’s Tribunal ordered the continuation of the investigation into the potential competitive effects of “ban clauses” used by 99Food in its agreements with restaurants, as part of an inquiry initiated following a complaint filed by Keeta Delivery Brazil Ltda.

The complaint stated that certain clauses – in some cases linked to financial incentives – could restrict the use of competing platforms and hinder new players’ entry and expansion in the food delivery market. Although the Tribunal ordered additional steps to examine the practices under investigation, it denied Keeta’s request for an interim measure, ruling that there was insufficient evidence to warrant such action. Reporting Commissioner Diogo Thomson emphasized that the decision does not represent a definitive finding on the legality of the conduct under investigation. The case will now proceed to CADE’s General Superintendence for further investigation.

• AI: CADE dismisses investigation into Amazon’s investments in Anthropic

CADE’s Tribunal ordered the dismissal of the gun jumping investigation that examined Amazon’s investments in Anthropic, as well as the collaboration agreements between the companies relating to the provision of computing infrastructure, technological development, and the distribution of AI models.

Reporting Commissioner José Levi concluded that Amazon’s acquisition of a minority stake constituted a merger but was not subject to notification because Anthropic did not meet the revenue threshold set out in Law No. 12,529/2011. The commissioner also found that the agreements under review did not constitute an associative agreement under CADE Resolution No. 17/2016, as they involved neither a joint venture nor the sharing of risks and results. As a result, the Tribunal concluded that no violation had occurred and dismissed the proceeding.

See more details: Cade aprova operação no mercado de registro de ativos financeiros, mediante celebração de acordo; Cade reconhece prática de gun jumping entre Cervejaria Petrópolis e Imcopa; Cade determina continuidade de investigação sobre cláusulas contratuais da 99Food, mas nega pedido de medida preventiva no caso; Cade arquiva APAC sobre investimentos e acordos entre Amazon e Anthropic.

[1] Article 45, items II and V, of Law No. 12,529/2011.

Updates: Antidumping Proceedings

Below we highlight the main trade remedy actions published by the Brazilian authorities, including information on the proceedings, products concerned, and countries under investigation.

Secretariat of Foreign Trade (Secex)

• Antidumping investigation concerning imports of carbon steel wire mesh from China.
  • Initiation: CIRCULAR No. 91, DATED SEPTEMBER 25, 2026
  • Product: Carbon steel wire mesh, coated with zinc or other zinc alloys, featuring woven, hexagonal-shaped mesh with a mesh width not exceeding 100.0 mm, regardless of mesh height, and with a wire diameter not exceeding 2.15 mm (hexagonal mesh), classified under NCM subheading 7314.41.00.
• Antidumping investigation concerning imports of 2-ethylhexyl acrylate from China.
  • Initiation: CIRCULAR NO. 92, DATED SEPTEMBER 28, 2026
  • Product: 2-ethylhexyl acrylate, classified under NCM subheading 2916.12.40.
• Antidumping investigation concerning imports of high-pressure steel cylinders from China.
  • Initiation: CIRCULAR No. 86, DATED SEPTEMBER 3, 2026
  • Product: High-pressure steel cylinders, typically classified under NCM subheading 7311.00.00.
• Antidumping investigation concerning imports of phosphoric acid from China, Morocco, and Mexico.
  • Affirmative preliminary determination, without the imposition of provisional antidumping duties: CIRCULAR No. 88, DATED SEPTEMBER 10, 2026
  • Product: Phosphoric acid, typically classified under NCM subheading 2809.20.11.
• Sunset review of the antidumping duty on imports of unwrought magnesium from China.
  • Initiation: CIRCULAR No. 90, DATED SEPTEMBER 23, 2026
  • Product: Unwrought magnesium, typically classified under NCM subheadings 8104.11.00 and 8104.19.00.

Mercosur–EFTA Free Trade Agreement enters into force

Brazil has completed the domestic incorporation of the Free Trade Agreement between Mercosur and the European Free Trade Association (EFTA), which comprises Switzerland, Norway, Iceland, and Liechtenstein. Under the presidential decree, the agreement will enter into force for:

• Brazil and Iceland on October 1
• Brazil and Norway on November 1

Switzerland and Liechtenstein are still awaiting the completion of their internal procedures.

The agreement facilitates expanded market access by reducing or eliminating tariffs. It also addresses issues related to rules of origin, trade facilitation, services, investment, government procurement, intellectual property, and sustainable development.

The Ministry of Development, Industry, Trade, and Services (MDIC) has launched a data dashboard and guidance materials to help companies benefit from the trade preferences stipulated in the agreement.

See more details: press release issued by the MDIC.

EU implements customs reform

The European Union’s Customs Reform has come into force, providing for:

• digitalized and harmonized customs procedures;
• the European Union Customs Authority (EUCA); and
• the development of a single EU customs data platform.

The reform also significantly impacts e-commerce, for instance, ending the tariff exemption for low-value shipments and introducing a processing fee for small orders. The reform will be gradually implemented in the coming years; the new European Customs Data Hub is expected to become operational in 2028 .

See more details: press release issued by the European Commission.

Newly Initiated Safeguard Investigations

In September 2026, Armenia, Kazakhstan, Kyrgyzstan, Russia, and Madagascar notified the World Trade Organization (WTO) of the initiation of the following safeguard investigations:

• Armenia: Flat steel products with polymer coating
• Kazakhstan: Flat steel products with polymer coating
• Kyrgyzstan: Flat steel products with polymer coating
• Russia: Flat steel products with polymer coating
• Madagascar: Husked rice, semi-milled or wholly milled rice, whether or not polished or glazed, and broken rice

Any safeguard measures resulting from these investigations may affect Brazilian exports of the products concerned to these markets.