Corporate Investigations Newsletter – September 2025

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

Compliance and Investigations

CGU issues regulation to reinforce integrity in public contracts

On September 09, 2025, the Brazilian Office of the Comptroller-General (“CGU”) issued , establishing the mandatory implementation of integrity programs in large-scale public contracts exceeding BRL 251 million, and in rehabilitation procedures for sanctioned companies. The official announcement was made during the Business Integrity Day event.

The integrity program will now serve as a tiebreaker criterion in public tenders and as a requirement for rehabilitation. In those cases, it can be demonstrated through adherence to the Brazil Pact for Corporate Integrity. Companies certified under the Pro-Ethics Company Program or undergoing evaluation by the CGU may be exempt from this requirement. The CGU will conduct this evaluation directly and require compliance with all mandatory minimum elements and a minimum score in other areas.

Normative Ordinance SE/CGU No. 226/2025 reinforces the Federal Government’s commitment to ethics and transparency. The ordinance also provides for the publication of an evaluation manual and the hosting of a webinar for clarification.

For more information, see the full article and SE/CGU Normative Ordinance No. 226/2025 (Portuguese only).

CGU standardizes interpretations of Clean Company Act

On September 10, 2025, during Business Integrity Day, the CGU released eight new administrative statements standardizing interpretations regarding the administrative liability of legal entities for acts of corruption.

Key highlights include the requirement that fines be calculated in accordance with Decree No. 11,129/2022 for final reports issued after July 18, 2022, even if the events occurred earlier. Additionally, the definition of “unfair advantage” has been broadened to encompass goods, services, or benefits of any kind, including material, immaterial, moral, political, or sexual advantages.

The ordinance also clarifies that companies are not exempt from liability if the request or demand for an unfair advantage came from a public official. The offering of gifts or hospitality, when strictly within the parameters of Decree No. 10.889/2021, is not considered a crime. However, offering tickets to shows, games, or entertainment events outside these parameters is deemed illicit.

Furthermore, convictions in Administrative Liability Proceedings entail cumulative sanctions under the Clean Company Act, except in cases involving leniency agreements or settlement agreements, where only fines may be applied.

Such standardization fosters integrity, ensures equal treatment, and provides legal certainty for companies and the government, offering greater clarity and predictability for compliance actions.

For more information, see the full article and the full ordinance.

CGU pioneers a model to estimate illegal gains

On September 11, 2025, the CGU launched the Guide for Identifying and Quantifying Illicit Gains, consolidating methodologies and parameters for measuring financial gains obtained by companies through corruption and other violations under Law No. 12,846/2013 (“Clean Company Act”). The launch took place during the Business Integrity Day event, highlighting legal and international foundations for asset forfeiture, calculation methodologies for unfair advantages in various scenarios, and practical examples.

Notable innovations include the development of specific methodologies for different types of infractions, such as administrative contracts, non-contractual violations, the use of proxies in uncertain situations, and scenarios involving accounting loss. The document includes practical examples, tables, and calculation flows, as well as guidelines on inflation adjustment (Special System for Settlement and Custody – SELIC interest rate; and Broad Consumer Price Index – IPCA) and currency conversion. Another advancement is the clear distinction between illicit gains and damage to the public treasury, avoiding duplicate sanctions and ensuring greater legal certainty.

This methodology marks a significant step forward in standardizing liability criteria and improving transparency in sanctioning proceedings. By establishing parameters for quantifying unfair advantages, the guide aims to ensure that calculations are transparent, objective, and proportionate.

For more information, see the full article and Guide for Identifying and Quantifying Illicit Gains.

CGU sanctions companies for violations in public bidding – fines exceed BRL 34 million

On September 22, 2025, the CGU announced administrative sanctions against four companies involved in public bidding fraud, with fines exceeding BRL 34 million. Notably, SPA Engenharia Indústria e Comércio Ltda. was declared ineligible (for public bidding) for participating in a cartel and paying more than BRL 9 billion in bribes to public officials in contracts related to the North-South Railway (Ferrovia Norte-Sul). Investigations revealed collusion to simulate competition and steer contracts, resulting in penalties under Law No. 8.666/1993, given that the events occurred before the Clean Company Act entered into force.

Another case was Operation Topique: Two companies in the state of Piauí were fined more than BRL 16 million for committing fraud in school transport contracts. The scheme involved coordinating bidding results via WhatsApp groups and family ties between companies, which led to the disregard of corporate entities and subsequent extension of the sanctions to the shareholders. Sanctions were also imposed on F2 Engenharia Ltda. for manipulating an Army electronic auction, and on Bharat Biotech International Limited for irregularities in Covaxin vaccine purchases during the COVID-19 pandemic, including documentation and invoice fraud. Sanctions included bans on contracting with the government and extraordinary publication of the rulings.

These sanctions highlight the CGU’s strengthened enforcement efforts in combating fraud in public tenders. The cases demonstrate the effectiveness of control mechanisms and the institutional priority given to integrity in public-private relations.

For more information, see the full article.

White-Collar Crime

Federal Revenue Service announces creation of specialized unit for structured fraud investigations

On September 25, 2025, Minister of Finance Fernando Haddad announced the creation of a Federal Revenue Service unit in Brasília dedicated to combating crimes against the financial system and organized crime.

The measure was prompted by a new operation against criminal organization Primeiro Comando da Capital (PCC): Operation Spare, which uncovered the use of shell companies for money laundering and tax evasion. This initiative builds on Operation Hidden Carbon (Operação Carbono Oculto), launched in August to investigate fraud in the fuel sector and its related developments. According to Haddad, the new unit will collaborate with the Public Prosecutor’s Office and Brazil’s Federal Police to conduct complex investigations.

The new structure will investigate schemes involving large and the sophisticated use of corporate instruments to conceal assets. It complements the tax reform and the regulation of the “persistent debtor,” aimed at curbing repeated tax delinquency through simulated corporate structures.

The Federal Revenue Service also emphasized that the unit will operate nationwide and be equipped with advanced technology to track suspicious transactions. This measure is expected to strengthen the Government’s ability to combat criminal organizations operating within the economic system, particularly in sectors such as fuel, foreign trade, and technology.

For more information, read the full article.

Federal Revenue Service ordinance intensifies supervision following Operation Carbon Chain

In September, the Federal Revenue Service published Ordinance RFB No. 583/2025, establishing guidelines to strengthen its efforts in combating crimes and irregularities related to import transactions.

The regulation aims to curb structured fraud schemes such as under-invoicing, commercial triangulation, and the misuse of tax benefits – practices often linked to money laundering.

The ordinance instructs oversight units to increase the monitoring of transactions with of irregularity, especially those involving newly established companies, atypical transactions, or connections to high-risk jurisdictions. It also provides for the use of risk assessment tools and data cross-referencing to identify suspicious patterns.

According to the Federal Revenue Service, the measure seeks to enhance the effectiveness of customs control actions and protect the integrity of Brazil’s foreign trade. The initiative aligns with institutional efforts to combat organized crime and corruption, reinforcing both preventive and repressive actions against corporate structures used for illicit purposes.

For more information, read the full article.

Federal Supreme Court suspends ruling on limits to lifting internet search confidentiality

Brazil’s Federal Supreme Court (STF) resumed deliberations on Extraordinary Appeal (RE) No. 1301250, which addresses the lifting of confidentiality of unspecified internet users.

In the September 25 session, Justice Edson Fachin voted to validate the lifting of confidentiality, aligning with the dissenting opinion initiated by Justice Alexandre de Moraes.

Google filed the appeal to challenge a court order requiring IP logs and device identifiers of users who searched for terms related to Marielle Franco on its platform. So far, Justices Cristiano Zanin, Gilmar Mendes, and Nunes Marques have also supported Justice Alexandre de Moraes’s dissenting opinion. Only Justice André Mendonça sided with the rapporteur, Justice Rosa Weber, who deemed the measure unconstitutional.

The ruling was suspended following a request for review by Justice Dias Toffoli and has yet to be scheduled to resume. The Court’s decision will have a direct impact on criminal investigations involving the provision of browsing and search data.

For more information, read the full article.

Supreme Court suspends trial on asset forfeiture of Lava Jato collaborators

On September 4, the STF resumed hearings on appeals concerning the possibility of asset forfeiture from plea-bargaining collaborators in Operation Lava Jato, even in the absence of a final conviction.

The ruling was suspended following a request for review by Justice Cármen Lúcia.

The rapporteur, Justice Edson Fachin, voted to deem the measure as constitutional, arguing that a plea agreement may, by itself, justify asset forfeiture when it includes a clause providing for such a penalty.

Justice Gilmar Mendes dissented, contending that early enforcement of forfeiture violates constitutional and legal guarantees of criminal procedure. Justices Dias Toffoli and Flávio Dino supported the dissent.

Justices Alexandre de Moraes, André Mendonça, and Luiz Fux sided with the rapporteur. The final decision may redefine the boundaries of asset recovery in plea agreements, with implications for legal certainty and the effectiveness of anti-corruption and anti-money laundering measures.

For more information, read the full article.

Competition

Brazilian Federal Government submits bill to Congress proposing regulation of digital markets and platforms

On September 17, 2025, the Brazilian Federal Government submitted Bill No. 4675/2025 to the National Congress, proposing amendments to Law No. 12,529/2011 (“Brazilian Competition Law”) with the aim of establishing a specific regime for the regulation, monitoring, and imposition of obligations on economic agents with systemic relevance in digital markets.

The proposed legislation designates the Administrative Council for Economic Defense (CADE) as the primary regulatory authority responsible for identifying systemically relevant economic agents and establishing the specific obligations applicable to them. To fulfill this mandate, the bill introduces a new administrative body within CADE — the Digital Markets Superintendence (SMD) — entrusted with initiating and conducting administrative proceedings related to the designation of such agents, monitoring compliance, and enforcing penalties for breaches of these obligations.

The criteria for designating systemically relevant economic agents include:

• Operation in multi-sided markets;
• Market power reinforced by network effects;
• Vertical integrations and activities in adjacent markets; and
• Significant access to user data and a diversified portfolio of digital products.

Only agents whose economic groups generate gross annual revenues exceeding BRL 50 billion worldwide or BRL 5 billion in Brazil may be subject to designation. Such designation, that may remain in effect for up to ten years, is subject to renewal and may extend to the entire economic group to which the designated agent belongs.

For more information, refer to: Fair Digital Competition Bill submitted to the House of Representatives

CADE to hold public hearing on competition in the liquid fuels market

On November 13, 2025, CADE will hold a public hearing to advance its assessment of competitive challenges in the liquid fuels market.

The initiative is in line with CADE Ordinance No. 379/2025, issued on July 21, which designated the sector as a priority for analysis in 2025 and 2026. The hearing will bring together stakeholders from the private sector, subject-matter experts, regulatory agencies, consumer protection organizations, and civil society, with the objective of collecting insights to support market monitoring and substantiate future decisions by CADE.

Interested parties must register by October 17, 2025, and may also submit written contributions by October 24, 2025, via e-mail to: audienciacombustiveis@cade.gov.br.

The event will be held in a hybrid format, beginning at 2:00 PM, with in-person attendance at CADE’s plenary hall and live streaming via the agency’s official YouTube channel.  

For more information, refer to the Public Hearing Notice in full.

CADE to host seminar on competitive challenges in the betting market

On October 30, 2025, CADE will host the seminar “Betting Market: Competitive Challenges and Perspectives”, aimed at fostering a deeper discussion on the competitive implications of the rapid digitalization and expansion of Brazil’s betting industry.

The event will be held at CADE’s plenary hall in Brasília, beginning at 2:30 PM, with live streaming on CADE’s official YouTube channel.

The initiative will convene representatives from CADE and the Federal Government, public authorities, and industry experts. The initiative is part of broader efforts to advance regulatory and institutional development in the betting market, especially following the enactment of Law No. 14,790/2023, which regulates fixed-odds betting in Brazil.

September marked by CADE’s approval of major transactions and public hearing announcement to discuss specific case.

In September, CADE approved high-profile mergers, with the following transactions standing out:

• Marfrig Global Foods S.A. / BRF S.A.:

In an extraordinary session held on September 5, 2025, CADE’s Tribunal unconditionally approved the merger of BRF into Marfrig, resulting in the formation of MBRF Global Foods Company. Marfrig, previously the majority shareholder, now holds 100% of BRF’s capital. The transaction brings together two giants of the animal protein sector, with complementary operations – Marfrig in beef and BRF in poultry, pork, and processed foods.

CADE’s Tribunal also dismissed an appeal filed by Minerva S.A., which had raised concerns regarding potential competitive risks associated with the merger.

• Grupo Bimbo S.A.B. de C.V. / Wickbold & Nosso Pão Indústrias Alimentícias Ltda.:
  The acquisition of Wickbold by Bimbo was approved during CADE’s 254th Ordinary Ruling Session, held on September 17, 2025, through a Merger Control Agreement (“ACC”). In light of the high market concentration in specific segments of the industrial bread sector, CADE imposed structural remedies – including the divestiture of the “Tá Pronto!” and “Nutrella” brands -, as well as behavioral remedies, including a prohibitions on exclusivity clauses, minimum volume requirements, and shelf placement conditions in contracts with retailers in Brazil’s Central-West region.

• SM Empreendimentos Ltda. (Fagron Group) / Gemini Indústria de Insumos Farmacêuticos Ltda. (Purifarma):

During the 255th Ordinary Ruling Session, held on September 25, 2025, CADE approved the acquisition of Purifarma by SM Empreendimentos, a company that belongs to Fagron Group. The transaction was authorized through a Merger Control Agreement (ACC), despite a prior recommendation for rejection issued by CADE’s General Superintendence (SG). To address potential competitive concerns in the pharmaceutical sector, the ACC includes both structural remedies — such as logistical divestitures — and behavioral commitments designed to mitigate anticompetitive risks.

• Sintokogio Ltd. / Elastikos (France) S.A.S.:

During the 255th Ordinary Ruling Session, held on September 25, 2025, CADE’s Tribunal approved the acquisition of the French company Elastikos by the Japanese firm Sintokogio. The transaction was cleared subject to a Merger Control Agreement (ACC), which includes structural remedies such as asset divestiture via public auction and the phased shutdown of an industrial facility. These measures are intended to safeguard competition in the metallic abrasives and foundry markets.

• Petz Participações S.A. / Cobasi Comércio e Indústria de Produtos para Animais Ltda.:
  CADE has scheduled a public hearing for October 17, 2025, to examine the competitive implications of the proposed merger between Petz and Cobasi, which remains under review. The initiative aims to gather input from experts, industry stakeholders, and civil society regarding concerns over high market concentration in the pet retail sector and its potential impacts on small businesses and consumers.

CADE’s Tribunal maintains suspension of preventive measure on Soy Moratorium until year-end

On September 30, 2025, during its 255th Ordinary Ruling Session, CADE’s Tribunal reviewed the validity of the preventive measure imposed by the GS, which had ordered the suspension of the agreement known as the “Soy Moratorium.”

The review was prompted by appeals filed by some of the companies participating in the moratorium. The Tribunal’s deliberations focused on analyzing the legal criteria required for granting a preventive measure, including the likelihood of the alleged right (fumus boni iuris) and the risk of harm in delay (periculum in mora).

By majority vote, the Commissioners decided to maintain the preventive measure until December 31, 2025. This decision aligns with the ruling set by the Brazilian Federal Supreme Court (STF) in Direct Action of Unconstitutionality (ADI) No. 7774, which suspended until the same date a provision of a Mato Grosso state law that, similarly to the Preventive Measure, has impairing implications on the Moratorium effectiveness.

The Tribunal emphasized the importance of fostering debate and conducting a more thorough analysis of potential violations of the economic order, while also recognizing the need to provide companies with a reasonable period to adapt and avoid environmental harm resulting from a sudden interruption of the sustainability agreement.

The majority of the Tribunal followed the dissenting vote of Commissioner José Levi, thereby overruling the Reporting Commissioner, Carlos Jacques, who voted for the immediate reinstatement of the preventive measure. CADE’s President, Gustavo Augusto, was also overruled. Although he disagreed with the substantive analysis, he concurred with the validity of the preventive measure, provided it takes effect on January 1, 2026, in line with the temporal modulation proposed by Commissioner José Levi.

CADE holds seminar on national and international landscape of standard essential patents

On September 25, 2025, the Department of Economic Studies (“DEE”) held another edition of the Economics & Competition Defense Seminar, focusing on the national and international landscape of Standard Essential Patents (“SEPs”).

The event aimed to deepen the debate on SEPs, based on a study published by DEE in August 2025. The material addresses regulatory aspects, licensing challenges, and the impact of SEPs on high-tech and innovation-driven markets. It also explores key concepts related to SEPs, anticompetitive practices such as hold-up and hold-out, international experiences, and cases reviewed by CADE, including Motorola/Lenovo vs. Ericsson (2024) and TCT Mobile vs. Ericsson (2014).

Representatives from the National Intellectual Property Strategy (“GIPI”) attended the seminar, emphasizing the importance of expert collaboration and the careful assessment of regulatory proposals on SEPs, considering their effects on innovation and Brazil’s integration into the global value chains.  

During the seminar, participants noted that the regulatory debate on SEPs in Brazil is still in its early stages and requires further institutional maturity. CADE’s President, Gustavo Augusto, reinforced that SEPs may raise relevant competition concerns and that any anticompetitive conduct must be assessed on a case-by-case basis. He also emphasized that SEP royalty pricing should be non-discriminatory, and territorial licensing must be justified and responsibly negotiated.

For more information, access: CADE Contributions: Standard Essential Patents

IBRAC Seminar gathers authorities to discuss patentes, OPA and digital payment

Between October 1 and 3, the Brazilian Institute for the Study of Competition, Consumer Affairs, and International Trade (IBRAC) held the 31st edition of the International Competition Defense Seminar — the most relevant event on competition law in Brazil.

Recognized as the central gathering ground for authorities, experts, and professionals in the legal and economic fields, this year’s seminar featured more than ten themed panels and activities such as the academic article award (IBRAC-Tim Award), a mock trial, and interviews with authorities.

“Who Owns the Wi-Fi? Standards, Licensing of Essential Patents, and Competition”

Demarest partner Bruno Drago moderated the panel “Who Owns the Wi-Fi? Standards, Licensing of Essential Patents, and Competition,” which brought together specialists to discuss regulatory and legal challenges related to Standard Essential Patents (SEPs) and the negotiation of licenses under FRAND terms (fair, reasonable, and non-discriminatory).

Panelists addressed the importance of objective criteria for analyzing potential abusive conduct and greater clarity in defining FRAND commitments. They also highlighted the risks of hold-up (when the patent holder leverages judicial measures to pressure the implementer into accepting unfavorable conditions) and hold-out (when the implementer uses the technology without negotiating or paying for the license).

The active role of the Administrative Council for Economic Defense (CADE) in preventing and repressing possible abuses was also emphasized, through case-by-case analyses and the potential drafting of guidelines to improve transparency in licensing negotiations.

The need to strengthen alternative dispute resolution mechanisms, such as mediation and arbitration, was also highlighted.

Hostile takeover bids and CADE

Interdisciplinarity was also evident in other debates. One highlight was the panel on hostile public tender offers (OPAs), which addressed the competitive aspects of acquisitions carried out without the consent of the target company’s board of directors or shareholders.

The panel brought together antitrust and capital markets experts, including the Director of the Brazilian Securities and Exchange Commission (CVM), Marina Copola, to discuss the limits of political rights exercised by competing companies in such acquisition transactions.

Merger control in Latin America

Other panels, such as the “Merger Control in Latin America: More of the Same?” panel, focused on comparative law, featuring professionals from Costa Rica, Argentina, Chile, and Uruguay who discussed the different notification regimes adopted by Latin authorities.

The panel addressed significant distinctions, such as Argentina’s notification and fining model. Unlike Brazil’s fixed-parameter system, the Argentine authority ties its notification criterion to the companies’ revenue in U.S. dollars, meaning the number of transactions reviewed annually varies according to the exchange rate.

Furthermore, Argentina treats gun jumping (failure to notify transactions) as an imprescriptible conduct, which is sanctioned with daily fines. This results in a markedly different landscape compared to other countries, given that these gun jumping fines may the fine for gun jumping may even exceed those applied in cartel cases, known as the most serious antitrust violations.

Competitive and regulatory challenges related to new digital payment technologies

Another notable panel highlighted the competitive and regulatory challenges related to new digital payment technologies. The panelists emphasized the Brazilian Central Bank’s role in creating an ecosystem that fosters competition, and the Ministry of Finance’s efforts to coordinate the various stakeholders, especially in initiatives such as Pix.

The discussion highlighted the complexity of these markets, notable for network effects, dependence between smaller agents and large platforms, and practices such as cross-subsidization and self-preferencing. Panelists emphasized the need to ensure interoperability, equality, and user privacy, while promoting consumer empowerment.

Experts also noted that traditional competition law tools may not be sufficient to address the challenges of these systems, requiring a more in-depth understanding of concepts such as rivalry, barriers to entry, substitutability, and the impact of data ownership.

Within this context, the Big Techs Bill (Bill no. 4.675/2025) was highlighted as an important milestone to signal competitive concerns to regulators and guide future regulations. Proportional, risk-based regulation and the mapping of dependencies between agents — such as hubs and gateways — were identified as central elements to ensure a competitive and innovative environment.

CADE’s leniency program: Update challenges and opportunities

Another highlight was the panel that addressed the challenges and opportunities in updating and increasing the attractiveness of CADE’s leniency program. The debate, which intersected with the recently published CADE Leniency Guide, yielded valuable insights on how the program could be updated to enhance its attractiveness.

Comparative analysis with leniency programs of other competition authorities also led to suggestions for improvement based on international antitrust experience. A notable example was based on the Japanese antitrust experience of an opt-out system for employees covered by antitrust protection in leniency agreements.

Under this proposal, employees of the leniency applicant involved in anticompetitive conduct would be automatically protected by the leniency agreement, unless they expressly opted out.

CADE updates

During the event, CADE also announced significant advances in its digital transformation agenda. Among these innovations, the implementation of an electronic petitioning system stands out, which will replace the current manual document upload system, . The authority also launched the new platform “CADE in Numbers”, which gathers statistical data on adjudicated cases, merger cases, imposed fines, and settlement agreements, promoting greater transparency and access to information.

CADE also announced the upcoming launch of a new public consultation regarding Resolution No. 33. The consultation will aim to gather contributions on the potential drafting of a new resolution to replace Resolution No. 33, which addresses core merger control issues, such as the:

• Definition of which equity acquisitions must be notified to CADE;
• Concepts of economic group for revenue calculation purposes;
• Definition of transactions eligible for fast-track proceedings; and
• Templates for fast-track and regular notification forms.

CADE also announced a public consultation on notifications of transactions involving asset acquisitions. The objective is to gather input for the drafting of a new resolution that will regulate which asset acquisitions must be notified to CADE.

The current President of CADE’s Tribunal, Gustavo Augusto Freitas de Lima, also commented on the prospects of upcoming publications. Gustavo stated that CADE is drafting a guide on abuse of dominant position. The guide is still being drafted, but it should be a significant upcoming release.

Gustavo also claimed that CADE does not plan to draft a sustainability and competition guide, nor any regulation addressing antitrust exceptions within the context of sustainability.

During the seminar, CADE’s General Superintendent, Alexandre Barreto de Souza, also addressed the authority’s enforcement of preventive measures to prevent competitive harm during ongoing investigations.

Barreto emphasized that, despite the antitrust community’s perception of excessive use, CADE has actually adopted such measures sparingly — only 17 since 2019, representing an average of 2.5 per year. In 2025, three measures were applied, the most notable being the suspension of the Soy Moratorium agreement.

The General Superintendent also highlighted that, given the dynamism of sectors such as the technology sector, the targeted use of preventive measures may be essential to ensure rapid responses from competition authorities. He also mentioned that, although these decisions may be challenged in court, CADE has achieved significant victories in higher courts, such as in the case involving Apple and Mercado Livre. Finally, he indicated that future assessment of the use of this instrument will be up to his successor, as his term ends in June 2026.

In the regulatory sphere, the event was attended by the current Undersecretary for Economic Monitoring and Regulation at the Ministry of Finance, Gustavo Henrique Ferreira, who addressed the prospects for the Regulatory and Competition Assessment Procedure.

According to Gustavo, the first call for contributions was a success, and several relevant submissions were received in the public interest. The results of the first cycle are expected to be published soon. Additionally, Ferreira announced that the Secretariat for Economic Reforms (SRE) will launch a partnership program with universities so that the academic community can contribute to the development of studies and opinions of interest to authority.

International Trade and Customs

SECEX initiates trade defense and public interest investigations and closes case

In September 2025, the Secretariat of Foreign Trade (“SECEX”) launched new trade defense and public interest investigations: Two antidumping investigations; one antidumping duty review; one public interest assessment; one investigation closure.

Original antidumping investigation against exports to Brazil of basic and non-basic refractories originating from China
• Initiation: Circular No. 75, dated September 29, 2025
• Product: Basic and non-basic refractories, classified under the MERCOSUR Common Nomenclature (“NCM”) subheadings 6815.91.10, 6815.91.90, 6815.99.19, 6815.99.90, 6902.10.18, 6902.10.19, 6902.10.90, 6902.20.10, 6902.20.91, 6902.20.99, and 6902.90.90.

Original antidumping investigation against exports to Brazil of acrylic acid originating from China
• Initiation: Circular No. 70, dated September 17, 2025
• Product: Acrylic acid, classified under NCM subheading 2916.11.10.

Sunset review of the antidumping duty applied to Brazilian imports of carbon steel pipes originating from China
• Initiation: Circular No. 71, dated September 19, 2025
• Product: Seamless carbon steel pipes, used for oil and gas pipelines (line pipe), with an outside diameter not exceeding five nominal inches (141.3 mm), commonly classified under NCM subheading 7304.19.00.

Ex officio initiation of public interest assessment related to the investigation into dumping of fiber optic cables exported from China to Brazil
• Initiation: Circular No. 72, dated September 25, 2025
• Product: Fiber optic cables, with or without connectors, classified under NCM subheading 8544.70.10.

Closure of original antidumping investigation against imports of polyester fibers from Malaysia
• Closure: Circular No. 68, dated September 1, 2025
• Grounds: Lack of sufficient evidence of dumping in the imports.

CEC authorizes MERCOSUR to negotiate preferential agreements with Vietnam and Indonesia and to expand existing agreement with India

On September 15, 2025, the Strategic Council of the Foreign Trade Chamber (CAMEX/CEC) approved mandates for negotiations of preferential trade agreements between MERCOSUR and Vietnam, MERCOSUR and Indonesia, as well as the expansion of the agreement with India. The measure, published in the Federal Official Gazette on September 16, reinforces the strategy of market diversification and integration of the South American bloc with Asian economies.

Read the resolution in full.

MERCOSUR and EFTA sign free trade agreement

On September 16, 2025, the Free Trade Agreement between MERCOSUR and the European Free Trade Association (EFTA)—comprising Switzerland, Norway, Iceland, and Liechtenstein—was signed in Rio de Janeiro.

The treaty provides for the elimination of tariffs on, virtually, all Brazilian exports to the European bloc, comprising goods, services, investments, intellectual property, and government procurement, in addition to chapters on trade defense and sustainable development.

Read the article in full.

Brazil and Chile streamline regulations of origin under ACE 35

On September 12, 2025, the Ministry of Development, Industry, Trade and Services (“MDIC”) announced the publication of the manual for the new Brazil–Chile regulations of origin regime, resulting from the 69th Additional Protocol to Economic Complementation Agreement No. 35 (“ACE‑35”), which entered into force on September 30, 2025.

The update simplifies procedures, introduces exporter self-declaration of origin, and harmonizes regulations with MERCOSUR, reducing bureaucracy and enhancing competitiveness in bilateral trade.

Read the note in full.

U.S. lifts surcharge on Brazilian pulp and ferronickel

On September 05, 2025, the United States issued an executive order removing the additional 10% tariff on most Brazilian exports of pulp and ferronickel.

The measure enhances the competitiveness of these products in the U.S. market and represents progress in bilateral negotiations, although other items—such as coffee and cocoa—remain subject to surcharges.

Read the note in full.

European Commission submits proposal to the European Council for adoption of EU–MERCOSUR agreement

On September 03, 2025, the European Commission submitted a proposal to the European Council for the adoption of the MERCOSUR –European Union Partnership Agreement.

The initiative aims to diversify trade relations, strengthen global supply chains, and consolidate the world’s largest free trade area, encompassing over 700 million consumers.

According to the Commission, implementation could increase EU exports to MERCOSUR by up to 39% (approximately 49 billion euros), with the elimination of high tariffs on industrial products and the inclusion of commitments on human rights and sustainability.

Read the note in full.