{"id":32555,"date":"2026-06-08T16:44:28","date_gmt":"2026-06-08T19:44:28","guid":{"rendered":"https:\/\/lefosse.com\/?p=32555"},"modified":"2026-06-08T16:44:38","modified_gmt":"2026-06-08T19:44:38","slug":"new-sg-cade-approach-to-the-local-effects-of-international-transactions-and-the-upcoming-tribunal-decision","status":"publish","type":"post","link":"https:\/\/lefosse.com\/en\/newsletter\/new-sg-cade-approach-to-the-local-effects-of-international-transactions-and-the-upcoming-tribunal-decision\/","title":{"rendered":"New SG\/CADE approach to the local effects of international transactions and the upcoming Tribunal decision"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">CADE&#8217;s General Superintendence (SG\/CADE) has adopted a new interpretation that may significantly reshape the notification requirements applicable to international transactions. In April and May 2026, in the <strong>Mutares\/Magna Lighting <\/strong>and<strong> Foxconn\/Mitsubishi Fuso Bus cases<\/strong>, the SG\/CADE concluded that transactions <mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">involving target companies or assets located abroad with less than BRL 75 million in annual revenues generated in Brazil are not subject to mandatory notification<\/mark>, even where the seller&#8217;s economic group meets the statutory turnover thresholds.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the Mutares\/Magna Lighting case (April 22, 2026), the SG\/CADE found that assets located exclusively outside Brazil, generating <strong>limited revenues<\/strong> in the country and operating in <strong>markets of a national scope<\/strong>, lacked a sufficient competitive nexus with the Brazilian market.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A few days later, in Foxconn\/Mitsubishi Fuso Bus (May 4, 2026), the SG\/CADE went a step further and established a broader interpretation applicable to international transactions involving target companies located abroad that <strong>generate less than BRL 75 million in annual revenues in Brazil<\/strong>. Under this approach, such transactions are not subject to mandatory notification, even when the seller&#8217;s economic group satisfies the turnover thresholds set forth in the Brazilian Competition Law.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In practical terms, <mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">the SG\/CADE has effectively introduced a de minimis exception for cross-border transactions with limited connections to Brazil, potentially reducing the number of transactions subject to CADE&#8217;s prior review<\/mark>. <strong>Attention:<\/strong> this interpretation does not extend to greenfield joint ventures or associative agreements. In such cases, the newly created entity does not yet generate revenues, making it impossible to rely on a local revenue test to exempt the transaction from notification requirements.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Following these two decisions, SG\/CADE issued at least six additional decisions reaffirming the same interpretation. However, <mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">the Foxconn\/Mitsubishi Fuso Bus case is currently pending review by CADE&#8217;s Tribunal<\/mark>, whose decision is expected to determine whether this new approach will become settled precedent for the review of international transactions in Brazil.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Want to understand how these topics impact your business? Our <a href=\"https:\/\/lefosse.com\/en\/our-practices\/competition-and-antitrust\/#_msdynmkt_donottrack=0,_msdynmkt_linkid=0c59f8e7-3d2d-4846-8f4a-1019317f48e2\" type=\"link\" id=\"https:\/\/lefosse.com\/en\/our-practices\/competition-and-antitrust\/#_msdynmkt_donottrack=0,_msdynmkt_linkid=0c59f8e7-3d2d-4846-8f4a-1019317f48e2\">\u200b<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">Competition and Antitrust<\/mark><\/a> team is ready to help you navigate them.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>CADE&#8217;s General Superintendence (SG\/CADE) has adopted a new interpretation that may significantly reshape the notification requirements applicable to international transactions. In April and May 2026, in the Mutares\/Magna Lighting and Foxconn\/Mitsubishi Fuso Bus cases, the SG\/CADE concluded that transactions involving target companies or assets located abroad with less than BRL 75 million in annual revenues [&hellip;]<\/p>\n","protected":false},"author":47,"featured_media":29399,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[835],"tags":[491,713,722],"class_list":["post-32555","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-newsletter","tag-antitrust","tag-milena-mundim","tag-paola-pugliese"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>New SG\/CADE approach to the local effects of international transactions and the upcoming Tribunal decision - Lefosse<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/lefosse.com\/en\/newsletter\/new-sg-cade-approach-to-the-local-effects-of-international-transactions-and-the-upcoming-tribunal-decision\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New SG\/CADE approach to the local effects of international transactions and the upcoming Tribunal decision - Lefosse\" \/>\n<meta property=\"og:description\" content=\"CADE&#8217;s General Superintendence (SG\/CADE) has adopted a new interpretation that may significantly reshape the notification requirements applicable to international transactions. In April and May 2026, in the Mutares\/Magna Lighting and Foxconn\/Mitsubishi Fuso Bus cases, the SG\/CADE concluded that transactions involving target companies or assets located abroad with less than BRL 75 million in annual revenues [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/lefosse.com\/en\/newsletter\/new-sg-cade-approach-to-the-local-effects-of-international-transactions-and-the-upcoming-tribunal-decision\/\" \/>\n<meta property=\"og:site_name\" content=\"Lefosse\" \/>\n<meta property=\"article:published_time\" content=\"2026-06-08T19:44:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-06-08T19:44:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/lefosse.com\/wp-content\/uploads\/2024\/09\/24.09.12_Radar-Lefosse_Banner-Post_Compliance_02.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1400\" \/>\n\t<meta property=\"og:image:height\" content=\"840\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Lucas Alves | Lefosse\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Lucas Alves | Lefosse\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/lefosse.com\\\/en\\\/newsletter\\\/new-sg-cade-approach-to-the-local-effects-of-international-transactions-and-the-upcoming-tribunal-decision\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/lefosse.com\\\/en\\\/newsletter\\\/new-sg-cade-approach-to-the-local-effects-of-international-transactions-and-the-upcoming-tribunal-decision\\\/\"},\"author\":{\"name\":\"Lucas Alves | Lefosse\",\"@id\":\"https:\\\/\\\/lefosse.com\\\/en\\\/#\\\/schema\\\/person\\\/1467b76bf3a4e4e08b937d570a722265\"},\"headline\":\"New SG\\\/CADE approach to the local effects of international transactions and the upcoming Tribunal decision\",\"datePublished\":\"2026-06-08T19:44:28+00:00\",\"dateModified\":\"2026-06-08T19:44:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/lefosse.com\\\/en\\\/newsletter\\\/new-sg-cade-approach-to-the-local-effects-of-international-transactions-and-the-upcoming-tribunal-decision\\\/\"},\"wordCount\":355,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/lefosse.com\\\/en\\\/newsletter\\\/new-sg-cade-approach-to-the-local-effects-of-international-transactions-and-the-upcoming-tribunal-decision\\\/#primaryimage\"},\"thumbnailUrl\":\"\\\/wp-content\\\/uploads\\\/2024\\\/09\\\/24.09.12_Radar-Lefosse_Banner-Post_Compliance_02.jpg\",\"keywords\":[\"Competition and Antitrust\",\"Milena Mundim\",\"Paola Pugliese\"],\"articleSection\":[\"Newsletter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/lefosse.com\\\/en\\\/newsletter\\\/new-sg-cade-approach-to-the-local-effects-of-international-transactions-and-the-upcoming-tribunal-decision\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/lefosse.com\\\/en\\\/newsletter\\\/new-sg-cade-approach-to-the-local-effects-of-international-transactions-and-the-upcoming-tribunal-decision\\\/\",\"url\":\"https:\\\/\\\/lefosse.com\\\/en\\\/newsletter\\\/new-sg-cade-approach-to-the-local-effects-of-international-transactions-and-the-upcoming-tribunal-decision\\\/\",\"name\":\"New SG\\\/CADE approach to the local effects of international transactions and the upcoming Tribunal decision - 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